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wm030303
wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience:  I am both a CPA and EA with over 30 years of experience in solving tax related issues.
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I AM SELLING PROPERTY THAT WAS VALUED AT $80,000 IN 1998.

Resolved Question:

I AM SELLING PROPERTY THAT WAS VALUED AT $80,000 IN 1998. I AM GETTING $45,000
THIS YEAR. WILL I BE ABLE TO SPREAD THIS LOSS OUT FOR 2 OR 3 YEARS?
Submitted: 2 years ago.
Category: Tax
Expert:  wm030303 replied 2 years ago.

wm030303 :

Hello and welcome to Just Answer my name is Bill.

wm030303 :

What did you pay for the property originally?

wm030303 :

What kind of Property is it ? Land? Building? Or?

wm030303 :

Was this property inherited?

Customer:

THE PPERTY WAS INHERITED WITH A 1/2 BAIS OF $40.000 MIN 1998.

Customer:

THE PROPERTY AS INHERITED FROM MY DAD IN 1994 AND MY MOM IN 1998.

Customer:

THE PROPATE APRAISER LISTD MY MOTHERS SHARE IN 1998 AS $40,000.

Customer:

I AM ASUMING IT WOULD HAVE A PRICE OF AROUND $80,000 AS A WHOLE AT THE TIME I HAD FULL OWNERSHIP.

Customer:

I HAVE HAD MEDICAL PRBLEMS THIS YEAR AND I REALLY NEED THE MONEY SO THE BEST I CAN DO IS GET 45,000. I WOUD LIK TO TAKE THISOSS OVER 3 YEARS BUT IT WOLD BE NICE TO HAVE ALL THE MONEY NOW.

Customer:

THE PROPERTY IS A VACANT LOT.

Customer:

IN 1974 MY MOM AND DAD AND I PAID AROUND 3,500 FOR IT.

Customer:

NEXT QUESTION: WOULD I BE BETTER TO TAKE 1/2 THE MONEY THIS YEAR AND THE OTHER 1/2 IN JANUARY. I KNOW I HAVE SO MUCH MEDICAL EXPENSE I DO NOT NEED A WRITEOFF BUT I NEED THE MONEY.

wm030303 :

ok

wm030303 :

Could you sell it on an installment basis ?

Customer:

WHAT DO YOU MEAN?

wm030303 :

Sell it to someone where they make payments to you as opposed to giving you a check for the whole amount

Customer:

I HAVE SOLD IT TO THE MAN WHO LIVES NEXT DOOR TO IT. HE IS GETTING THE 45,000 AND SINCE I AM LUCKY TO SELL IT IN TIS ECONOMY. I COULD GET 1/2 NOW AND HALF NEXTJANUARY. HE DID NO WANT TO PAY MONTHLY.

wm030303 :

So you will report 1/2 of the sale this year and the other 1/2 next year.

Customer:

IF THAT I A TAX ADVANTAGE AND THERE IS A FORM THAT I CAN GET ALL THIS INFORMATION ON WITHOUT GETTING THE IRS MAD.

wm030303 :

Schedule D is where you need to report this sale if the land was held only for personal

wm030303 :

Personal Land is an investment property and would be a capital loss so you would only need to report $3,000 of the loss each year until it is used up.

wm030303 :

The land wasn't used as a business property was it?

Customer:

SO DOES THAT MEAN I CAN TAKE THE 45,000 ALL NOW AND GET 3,000 LOSS EACH YEAR FOR THE NEXT 10 YEARS?

wm030303 :

yes the next 15 years actually

Customer:

THANKS SO MUCH

wm030303 :

sorry if your loss is 35,000 then for the next 12 years

Customer:

YOU GET THE $30.00 BUT I DON'T KNOW WHT I DO TO GIVE IT TO YOU.

Customer:

DO I HAVE TO HAVE CAPITAL GAINS TO OFF SET THIS LOSS OR CAN I USE IT AS A REGULAR TAX WRITEOFF FOR INCOME?

wm030303 :

if you sell other capital assets like stock or mutul funds for a gain they would offset the loss but you would need to have over 35,000 in gains to offset the 35000 loss

wm030303 :

you do not need any gains to go with the loss to take the $3000 loss

wm030303 :

It will reduce your other taxable income by $3000

wm030303 :

press the green accept button so I'll get paid

wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience: I am both a CPA and EA with over 30 years of experience in solving tax related issues.
wm030303 and 4 other Tax Specialists are ready to help you

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