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PDtax, CPA firm owner
Category: Capital Gains and Losses
Satisfied Customers: 4474
Experience:  Tax professional and business consultant for 34 years
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Selling property gifted to me by my grandfather through my

Customer Question

Selling property gifted to me by my grandfather through my mother on his direction it was a running farm at his passing. Since 20+ years ago has always and still is bare land in ALR and cannot be subdivided, do I have to pay capital gains.
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomerIf the property has appreciated, you will have to pay capital gains taxes, since you have to use the donor's basis from the gift to compute the gain.Thanks for asking at just answer. Please rate my answer with positive feedback. I'mCustomer

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