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Big home sales, big tax savings

By selling their luxury homes before the end of 2012, these wealthy homeowners avoided two tax increases on Jan. 1 and a huge payout to the IRS.

Redding, Ct.

gallery high end homes redding ct
  • Sold for: $11.8 million
  • Estimated tax savings: $125,000

At the offices of Halstead Properties in Fairfield County, Conn., five out of the eight $7 million-plus sales of 2012 occurred during the last two months of the year -- and this home is one of them.

The surge in luxury sales was mainly sparked by the impending tax hikes, said Halstead agent Becky Munro.

The tax savings on this enormous 40-acre estate, which sold right before the end of 2012, was about $125,000.

  @CNNMoney - Last updated January 16 2013 05:16 AM ET

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