Reinvesting tax break
July 25, 2014 8:57 AM Subscribe
My father owns several acres of land that was given to him by his father when he was 16 or so. He is finally trying to sell it. He is under the impression that after the age of 55 (he is in his 60's and retired), you are entitled a one time tax free reinvestment. Is this true?
posted by MayNicholas to Work & Money (13 answers total) 2 users marked this as a favorite
He plans to take the money from the sale of the land and immediately buy a second home closer to us, then get their current home ready to sell. Is this a real thing or something he just heard a snippet of and is incorrect in his understanding? He will of course consult a professional when the time comes, but I would like to get a better understanding myself.
He and my mom have been planning to move to our town once she retires and is pinning all their future plans on this tax break. I don't want them to be disappointed if this isn't really a thing. They have some developers interested in the property already, so it may only be a matter of months.
Again, he will consult a professional, but until then what say the hive?