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Do have to pay capital gains on 5 acr farm after the person…

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Do have to pay...

Do have to pay capital gains on 5 acr farm after the person has passed away the lived on the his hole life 97yrs owned it for lest 70 yrs ran dairy farm for around 30 yrs up toc1970 is there capital gain on this kept farm taxe until he passed away 2016

Submitted: 7 months ago.Category: Capital Gains and Losses
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12/20/2017
Tax Expert: Richard, Tax Attorney replied 7 months ago
Richard
Richard, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 57,040
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Tax Expert: Richard, Tax Attorney replied 7 months ago

Good morning. You should pay little or no tax. There will be liittle or no gain on the sale and thus no tax because the basis of the property gets adjusted to its fair market value at the time of decedent's death. So, there would only be gain to the extent the property appreciated since the date of death. You will need to report the sale on Schedule D and Form 8949 to be attached to the Form 1041, however, because unless you report the sale, the IRS presumes the basis is zero and treats the entire proceeds as gain.

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