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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13581
Experience:  15years with H & R Block. Divisional leader, Instructor
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my dad quickdeeded his campground over to me for a dollar if

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my dad quickdeeded his campground over to me for a dollar if i sell it what taxes will i owe its here in indiana

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

If you sell you would need to pay tax on the gain. That would be the difference in your sale price and the amount your father purchased for (plus any improvements).

Robin D. :

The sale to you for a $1 was really a gift. So you retain your father's basis in the property.

Robin D. :

You would pat tax on the gain (difference in basis and sales price). Indiana has a rate of 3.4% and the federal would be dependent on your income .

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Customer:

so if he paid 320000 and i sell for 30000 i would owe no tax

Robin D. :

That is correct, you would pay tax if there is a gain.

Customer:

thanks so much

Robin D. :

You are most welcome

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