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Capital gains tax question. Sales price of farm is $699,000.
Capital gains tax question. Sales price of farm is $699,000. House value is $350,000, land value is 349,000. Married filing jointly. Buyer wants to write contract for farm loan which is OK Farm purcha… read more
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i will be selling 80 acres of farm land in 2018; this property was gifted to me by my parents in 2012. My questions is: what are the calculations for capital gains tax on this? … read more
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I live in Maryland and I am 64 years old. I own a farm in Nebraska and am selling it in February of next year. the capital gains will be about 300 to 450 thousand dollars. I am still working and my in… read more
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In 1985 my mother gave me a parcel of woodland when she
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I was a partner, with 2 others, in a land investment 10 years
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My parents own 288 acres of Iowa farmland and my father has
My parents own 288 acres of Iowa farmland and my father has been put in the hospice program as he has terminal cancer. My mother is considering selling 40 acres of farmland to help offset expenses but… read more
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We just sold a piece of farm property for a good price, $400,000.
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I sold a piece of raw land owned for more than one ...
I sold a piece of raw land owned for more than one year for 2500,000 then purchased a piece of land for 245,000 which has a house on it. What are the tax ramifications?… read more
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Dear Ed You just answered a question for me about the ...
Dear Ed: You just answered a question for me about the sale of my parents property. Thank you. How is the capital gain amount determined? My sister is keeping her existing mortgage on the house and 10… read more
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I have 24 Acres with a mobile home on it that I ...
I have 24 Acres with a mobile home on it that I currently reside in Johnson County Texas. I have lived there for the last 7 1/2 years and I have a potential buyer offer to purchase it (less than $500,… read more
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I live in kansas i was wanting to know if you receive an ...
Dear XXXXX, Thanks for the additional information. You would pay no tax of anykind on your receipt of any of this money. The reason: The propety was purchased from the estate, making the estate respon… read more
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I have a brother and two sisters. We own 120 acres in ...
I have a brother and two sisters. We own 120 acres in Southwest Iowa. Our father passed away in 1989. Our mother in February of this year. Ownership of the farm was transferred to us 5 years ago. Our … read more
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My Aunt inherited a portion(56 acres) of her family farm approximately 50 years ago. At that time it was valued at $200 per acre.($11,200) It has been divided into three seperate parcels of approximat… read more
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Do I owe capital gains taxes to the State of Indiana if I ...
Do I owe capital gains taxes to the State of Indiana if I sold 65 acres of farm land to a LLC. I inherited the land over 5 years ago and at that time the land was worth $2050/acre and paid the inherit… read more
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