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We inherited 85 acres of farm land. We are selling 80 acres…

Customer Question
We inherited 85 acres...

We inherited 85 acres of farm land. We are selling 80 acres and keeping 5 acres and the house. we need to know what the capital gains tax includes. we have kept the land mowed and planted christmas trees, put gravel on the path way between forties, and kept fallen trees cut. we also have used some natural soil improvements.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Yes northern Wisconsin

Lawyer's Assistant: Has any paperwork been filed?

We haven't signed the final papers yet. the offer was exactly the asking price

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Does the house and 5 acres count on any capital gains tax reduction

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 1 minute by:
11/11/2017
Real Estate Lawyer: P. Simmons, Lawyer replied 8 months ago
P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 37,465
Experience: 12+ yrs. of experience including real estate law.
Verified

Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

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Real Estate Lawyer: P. Simmons, Lawyer replied 8 months ago

I am sorry for this dilemma. But not sure I understand your specific question. Are you asking how capitol gains are calculated?

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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