Won a House

Tax Strategies
1

Hi,

I just won a house in a charity raffle valued at $725,000. I have to pay 24% federal taxes and 11% state taxes at closing. My intentions are to sell the house which is allowed. I have several questions:

  1. What is the best way to title the house? Personal name, LLC …
  2. Should I hold the house for a while and use it as a rental to reduce capital gains?
  3. What will the capital gains be if I sell right away?
2

We covered this on the Podcast today. Wednesday, November 20th. It will be live in the next 3-4 days. Thank you so. much for listening. Mark and Mat