Capital Gains and Losses

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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®
IRS Enrolled Agent, CFP(R),
Master's Degree
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When determining Capital Gain taxes, what is the trigger for
When determining Capital Gain taxes, what is the trigger for determining if the Capital Gain tax is short term or long term. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,042 satisfied customers
Just want to be sure this is correct. I purchased our home
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
TaxRobin
TaxRobin
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Vocational, Technical or Trade School
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I'm trying to plan out what would be the most tax advanteous
Hi, I'm trying to plan out what would be the most tax advanteous thing to do with my in-laws' home when they pass away. They purchased this home decades ago for about $25K and it's now worth about $50… read more
levr
levr
Retired
Bachelor's Degree Equivalent
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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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
Your email address came up while I was researching taxable
Hello, your email address came up while I was researching taxable gains on my Mother's home that I recently sold.Scenario1. I am an only child 2. My Mother put my name on her house (the house I grew u… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
My mother bought a house in 1976 for 70K She owned it until
My mother bought a house in 1976 for 70K She owned it until 2003 when she gave it to her 4 kids as an "outclaim deed of gift reserving life estate." The house had a market value of 400K in 2003. She p… read more
levr
levr
Retired
Bachelor's Degree Equivalent
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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.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I live in Oklahoma and have sold 1/2 of my mineral rights.
I live in Oklahoma and have sold 1/2 of my mineral rights. I inherited the mineral rights from my parents and don't know how to find the worth in 1994 when mom passed away… read more
levr
levr
Retired
Bachelor's Degree Equivalent
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We sold our timber property last May 5, 2015 after holding
We sold our timber property last May 5, 2015 after holding it for investment for 28 years. We sere not prepared for this sale but did sell early for several reasons - one of the main ones being that w… read more
levr
levr
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
Can I use a cost basis sale of inherited mineral rights or
Can I use a cost basis for the sale of inherited mineral rights or will I pay on the entire amount? If using cost basis, how would I determine that?… read more
levr
levr
Retired
Bachelor's Degree Equivalent
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If acres you inherited are given over to the US Government
If acres you inherited are given over to the US Government in a lease of all property surface rights in perpertuity where any use is totally ended for monetary gain and you still have to pay property … read more
levr
levr
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My family recently sold part of the farm which my grandfather
My family recently sold part of the farm which my grandfather bought during the 1920's. It sold for $755,346.62 and was divided between 7 family members with my brother,sister,and myself receiving 8.6… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I have to report a capital gain on the sale of my moms house,
I have to report a capital gain on the sale of my mom's house, which was quit-claimed over to me and my two siblings several years ago, which took place this past year (2013). I assume the "basis" on … read more
PhillipB EA
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130 satisfied customers
Seven brothers and sisters will inherit land worth $1 millon
Seven brothers and sisters will inherit land worth $1 millon is it best for our mother to sell it, or sellit after she passes?… read more
PhillipB 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
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
My wife inherited 5/12th of a farm in western Kansas when from
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
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
My father died 12 years ago and my mother had her house put
My father died 12 years ago and my mother had her house put in my and my sisters name with "lifetime rights". She died 2 years ago and we sold the house last year. From which date are the capital gain… read more
angelwork1111
angelwork1111
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R. Klein, EA

R. Klein, EA

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jgordosea

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As an Enrolled Agent you can be ensured of my competence in income tax matters.

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PhillipB EA

Accountant

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FredStevens

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