Hello,
My husband and I are married and file jointly. We live in Georgia. He and sister inherited a townhouse in Ohio, after their mother passed in 2011. My husband's sister rented the townhouse to a family member who eventually decided to purchase it. The sale was finalized in January 2022 and she and my husband split the (modest) profit of $100,000. We own the home we live in with our kids and pets here in Georgia. We decided to use some of the money from the sale of the inherited property to fulfill a longheld dream of buying a small cabin in the Blue Ridge Mountains. We close of the property next week. My question is, what tax considerations should I be aware of this calendar year to help reduce next year's tax bill? Thank you in advance for your help! Naomi
