let me go to Clare Claire's calling us
from North Carolina hi Claire
hi Dan how are you I'm good thank you
good dan we are selling a farm in North
Carolina that we inherited in 2006 the
farm we're selling it for 200 thousand
and of course my brother and I own it
together and our share is my husband our
share is a hundred thousand we were
wondering is there any way for us to
avoid the capital gains tax yes so
you're you're going to have to pay it
when you file your tax they may withhold
something or withholding at settlement
not likely but they could but there's
the only thing you can do which it may
be too late for that the only thing you
can do with property like that I always
recommend that people would you know you
can sell you can move it over into your
own charitable trust so when you're you
and your brother could have a charitable
trust you could move it over to that
charitable trust the charitable trust
then would sell it you wouldn't pay any
tax at all on it ever so you could do
that that would be one option but once
you do that of course the only thing you
can do is is use it to generate income
and there's a couple things you can do
with the charitable trust you can take
that charitable trust and say I'm gonna
take a fifteen percent income well it's
not gonna earn 15 percent you're gonna
be dipping into principle but in a few
years you'll you'll get your money out
now the money that you withdraw will be
taxable
so it's spreading the tax over a period
of years but that that may be helpful to
do something like that the only other
thing you can do which is would be a
great option which we do a lot
is putting it into a donor-advised fund
so you could put all that money in a
donor-advised fund after the sale you
would get a hundred percent tax
deduction for the whole two hundred
thousand that you and your brother would
split and that would offset you know
your taxes probably for a couple years
because what you can't use you carry
over to the next year and then you can
take your time you can take as many as
long as you want to begin to use that
donor-advised fund to be giving you
doing your gifting so you could use that
to do your gifting in your church or any
other ministries that you support and
but but even though you may not give any
of it away for five years the you get
the charitable deduction now when you
need it to offset your taxes hey I want
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