Hal_Al
Level 15

Investors & landlords

You cannot avoid capital gains tax except with a "like kind exchange". In such cases, specific procedures must be followed. See https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx

 

Other capital losses (e.g. sale of stocks or mutual funds) can be used to offset capital gains.

 

Giving the house to a charity would eliminate the capital gain tax  and get you an itemized deduction, in addition.  But, you'd be out the money too.  There are limits on how much you can deduct, but there are also carry over provisions.

 

Giving the money to relatives, even for their education, has not tax benefit.