Capital Gains and Losses

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We leased our mineral rights and then sold them. The lease
We leased our mineral rights and then sold them. The lease is reported on a 1099-MISC and the sale is reported on 1099-S . We also own rental property, which we do a Schedule E for , and I think that … read more
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My wife and I are married and fill out our tax as married couple, no kids, we have a household gross income of 121k/yr. We plan to buy our first home with $2430/month for principal and interest (4.999… read more
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we inherited oil/gas leases in N. Mex. which for years have just sat there! These were passed down thru the family and finallyy are paying off. One we sold for $35K each. The others are bringing in re… read more
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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
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Just want to be sure this is correct. I purchased our home on 10 acres of land in WV in 2006 for $158,000. It came with the mineral rights included. 10 years later, in 2016 I sold (not leased) the min… read more
Robin D.
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I have an employer 401(k). I contribute 40k to my 401k. I
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10 years ago inherited mineral rights of unknown value.
10 years ago inherited mineral rights of unknown value. Never listed on estate return as value was unknown. Recently sold mineral rights for $400,000. For federal income tax purposes do I value basis … read more
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I inherited some mineral rights from my father in 2009.
I inherited some mineral rights from my father in 2009. Because of a hardship I sold the mineral rights for $236,536 a couple weeks ago. My goal is to have a large down payment for a townhouse which i… read more
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In consideration of capital gains taxation on sale of
In consideration of capital gains taxation on sale of inherited land which has been only modestly over the yrs with erection of two rustic buildings - the assessed value in 1965 seems quite low, resul… read more
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We sold our timber property last May 5, 2015 after holding
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5 yrs ago we sold our home in Massachusetts. purchased a
5 yrs ago we sold our home in Massachusetts. purchased a home in new Hampshire we lived in for 5yrs,this was a secondary residence as we lived in florida 6 months a year. 3 yrs ago we purchased anothe… read more
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CPA or Tax Law If a company is purchasing for $100,000 the
CPA or Tax Law If a company is purchasing for $100,000 the right to utilize another company's intellectual property, royalty free, for five years, can the $100,000 be expensed in the first year? If a … read more
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I'e an S corp me and my spouse. Together we made about 500K
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Sell entire mineral interest for a term of 11 years. Then
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My wife inherited 5/12th of a farm in western Kansas when from her parents in 1991. I do not know the appraised value at that time. Two years ago the farm was appraised and my wife portion was $45,000… read more
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