Bruce Williams

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Capital gains tax can be delayed, not avoided; more

http://www.NewsAndOpinion.com | DEAR BRUCE: I am in the process of selling a rental property, and I am told I will have to pay capital gains taxes. Someone told me there are ways around that. Any thoughts? -- Reader, via email

DEAR READER: I don't know of any direct method to avoid the taxes. You can, of course, reinvest the money under the like-kind exchange rule and thereby postpone paying the taxes. The operative term here is "postpone." When that property is sold, the tax man will get his due.

Given the information you have provided, I know of no other way for you to avoid the taxes. The best way to find out exactly is to consult an accountant who is familiar with your income, finances, etc. He or she will be able to give you a better picture than I can of how much you will pay, if anything. Be glad you made a profit; it could have been a loss.

DEAR BRUCE: I am estranged from my family. I found out that my last living parent, my mother, died. Of course I have not heard a thing from my siblings and would like to know if I was remembered in her will. I probably was not, but still I would like to know. Is it true that I can get a copy of the will as it is public knowledge? I understand it has to have been probated first. -- P.T. in Arizona

DEAR P.T.: In most cases, the answer is yes. I am reluctant to say this is true in every instance. Since you are not on good terms with your family members, check with the surrogate in the county where your mother's will has been probated. Wills are on file for a good many years with the Surrogate Court. Wills, as you know, are public documents, and for a very modest fee, copies can be purchased.

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Send your questions to JWR contributor Bruce Williams by clicking here. (Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.) Interested in buying or selling a house? Let Bruce Williams' "House Smart" be your guide. (Sales of the book help fund JWR).