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was given 168 acres 10 years ago deeded to me two siblings 3 of us total are selling it for 150,000 will be divided 3 ways 50,000 each i plan on putting the money on my primary residence morgage how much will be taxable????????

Submitted: 1096 days and 3 hours ago.

Category: Tax

Value: $9

Status: AWAITING CUSTOMER ACTION

Optional Information:
cleveland, Ohio

Posted by LEV 1096 days and 3 hours ago.

Info Request

Was this inherited property? or someone made a gift to you?

1096 days ago.

Reply

Reply to Lev's Post: it was a gift from my wifes parents

Answer

This property will be treated as investment property and the gain will be taxable.
The gain will be (selling price) - (basis), where the basis for gifted property will be the same as the gifter had at the time the gift was made.
You may not defer taxes by buying a personal property - you may only defer taxes if you buy another similar investment or business property (1031 exchange). Let me know if you need any details.

Accepts:
Expert:	LEV
Pos. Feedback:	99.3 %
Answered:	11/28/2006

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