Avoid Capital Gains Tax

Summary

Capital gains tax is generally due when property is sold, not transferred. You might qualify for a primary residence exclusion if youve lived there for 2 of the last 5 years. Inheritance may be exempt from capital gains tax. Consult a tax attorney or accountant in Arkansas for personalized advice.

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I live in Arkansas, my father quick claim deed his home to me and i was wondering if there is a way not to pay capital gain taxes
While I'm not a tax attorney, I can share some general information. In Arkansas:
*. Capital gains tax is generally due when property is sold, not transferred.
*. You might qualify for a primary residence exclusion if you've lived there for * of the last 5 years.
*. Inheritance may be exempt from capital gains tax.
Please consult with a tax attorney or accountant in your state.