Capital Gains and Losses

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Capital Gain on Farm Land/House 1. Inherited 50 acres farm
Capital Gain on Farm Land/House1. Inherited 50 acres farm land in 2012. 2. A house was built on 1 acre in 2013 - $ 30,000 and now has a depreciated tax basis of $ 19,000. 3. A buyer is interested in p… read more
Lane
Lane
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Doctoral Degree
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70 years old, widowed & inherited some land! My social
70 years old, widowed & inherited some land! My social security & pension is not taxable! I sold some of the land in October 2020, how do I figure my capital gain? … read more
Robin D.
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Vocational, Technical or Trade School
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Jim, would the sale of the land be considered a long term
Jim, would the sale of the land be considered a long term capital gain? My husband and I are retired but with our pensions and social security our gross income approaches 100K annually. I am really go… read more
JeffS6413
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Jim. Now for the more straight forward question concerning
Hi Jim. Now for the more straight forward question concerning the sale of land. When my mother passed away 27 years ago, my brother and I split property and assets with a family agreement. At the time… read more
James Daloisio
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I inherited 30 acres of land from my mother-in-law when she
I inherited 30 acres of land from my mother-in-law when she passed almost 3 years ago. I have been receiving royalty checks for the mineral rights since February 2017. I am now planning on selling the… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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I purchased our home that sets on 10 acres of land in 2006.
I purchased our home that sets on 10 acres of land in 2006. In 2016 I sold, the gas rights for $50,000. I filed for an extension on my 2016 taxes and sent an estimated payment in that showed reporting… read more
emc011075
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If you sell farm land that you inherited several years ago
if you sell farm land that you inherited several years ago is there an amount that is exempt from capital gains? … read more
emc011075
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I am inheriting 1/3rd of land originally willed in 'life
I am inheriting 1/3rd of land originally willed in 'life estate' by my grandfather to his children and then 'per stirpes' to their issue. My grandfather died in 1970. Land has been farmed and all taxe… read more
Stephen G.
Stephen G.
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We are in Anoka, MN. We have 3.5 acres and plan on selling
We are in Anoka, MN. We have 3.5 acres and plan on selling approx. an acre. My husband originally bought a 1/2 acre from his father. When his father passed, he was willed approximately another acre. T… read more
emc011075
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We own a piece of property which we inherited in 1989. In
We own a piece of property which we inherited in 1989. In 1989, we planted it in pine trees for harvest. After 26 years of waiting for profit, we had a straight line wind storm which blew down a lot o… read more
Stephen G.
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My husband and I purchased our home with 9.7 acres in 1972.
My husband and I purchased our home with 9.7 acres in 1972. We are now selling 5.5 acres of our land to a neighbor. It is not a subdivision, but rather a simple lot line adjustment. We are in our seve… read more
Tax.appeal.168
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I bought a house in 2000 for $ 190,000.00. I added a large
I bought a house in 2000 for $ 190,000.00. I added a large carport, sun room, and large stone patio for $ 88,000.00. Due to some health concerns and upcoming retirement need, I sold this house in June… read more
Stephen G.
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What would the tax liability be on the sale of land in 2013
What would the tax liability be on the sale of land in 2013 that was received as a gift in 2006?… read more
Stephen G.
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My wife and I sold a 16 acre piece of undeveloped land this
My wife and I sold a 16 acre piece of undeveloped land this year for 4500/acre (7% commission cost). When this land was purchased in 2004, an S corporation owned 100% by myself purchased the land for … read more
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My Dad passed away 6 years ago and left 5 acre property with
My Dad passed away 6 years ago and left 5 acre property with house. Will specifies my sister is to receive 1 acre and house, and my brother and I are to split the remaining property upon sale. We will… read more
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What will be our, myself and 2 sisters Capital Gains Tax on
What will be our, myself and 2 sisters Capital Gains Tax on a 300 Acre farm that we will inherit and possibly sell in the future? The farm has been in the family since 1860.… read more
R. Klein, EA
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Finishing 2011 taxes in Turbotax. Inherited 1/5 of undivided
Finishing 2011 taxes in Turbotax. Inherited 1/5 of undivided 20 acres in 2000 including mineral rights. In 2011 sold the royalty rights for the minerals for part of the land for $10,000. Was told to e… read more
R. Klein, EA
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In 2009 upon my uncles passing my sister, dad, and I inherited
In 2009 upon my uncles passing my sister, dad, and I inherited equal shares of his 120acres=fair market value $1100 an acre. September 3, 2011 my father passed away and his adjoining 120acres appraise… read more
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