Would this be legal... (1 Viewer)

[crosswatt]

Going way back in my memory here - but if his father died and left him the property isn't your friend's basis in the property the market value at the time of the transfer? Maybe that would minimize his concern about capital gains taxes.

Could be. Also, his father failed to properly prepare for the inheritance tax, and it cost him some serious $$$. He could afford it, but it still had to hurt. Would that also reduce his exposure?