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Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have a cell phone tower on my farm that has been leased at

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I have a cell phone tower on my farm that has been leased at the rate of $450. per month with a 3% increase each year. It is now paying me $537. per month and has been running for 10 years. They offered me a$76,000. one time buy out. What would the capital gains beon this and would it effect my income tax?
thank You
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good morning. Your capital gain amount would be the $76,000 less your basis in the tower. You probably have no basis in the tower so it's likely the entire $76,000 would be gain. Now, your tax on that would depend upon your marginal tax bracket...if you are in the 10% or 15% marginal tax bracket, you would pay no capital gains tax; otherwise you would pay tax at the rate of 15% times the $76,000.



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