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2 families own farm land and houses on the land. They
2 families own farm land and houses on the land. They jointly own it and have a farm partnership but real estate taxes etc have always been dealt with individually and claimed on their personal return… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My wife and I have always filed joint returns. We were
My wife and I have always filed joint returns. We were audited in 2003 and 04. We owed taxes. Our returns were always filed on time. We set up an installment agreement for back taxes in 2008. All taxe… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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We are donating a 99 year lease of 5 acres to a non-profit.
We are donating a 99 year lease of 5 acres to a non-profit. The current value of the 5 acres is probably worth about $100,000. after the land is appraised, can we declare a contribution of the value o… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
I have a house in the country, sitting on 3 acres, but
I have a house in the country, sitting on 3 acres, but surrounded by 160 acres my husband inherited 3 years ago. We also inherited the house. We would like to sell the house as well as 40 acres adjace… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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We, which is myself, brother and two sisters were deeded
We, which is myself, brother and two sisters were deeded over 234 acres of farm land in South Dakota in 1995. The value in 1995 was $500.00 per acre. We have recently sold the land for $4600.00 per ac… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
NY property gain/loss form resident. I inhereted the land
NY property gain/loss form for non resident. I inhereted the land from my family. I am the sole owner. Sold off the house and 8.5 ac in the Adirondacks. Now I am in the process of selling the rest 487… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Three children bought our parents home and acreage in 1996
Three children bought our parents home and acreage in 1996 for $1. All three names are ***** ***** deed. At the same time, we had to sign an agreement that we would not sell the property as long as th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Couple is selling their 352 acres that has a monolithic dome
Couple is selling their 352 acres that has a monolithic dome home, 5500 sf, 7 bedrooms, 5 bathrooms. Home recently built and is assessed at $450,000, the land assessed at $850,000 for a tyotal of 1,30… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
My mother-in-law passed away in 2007 - she left 5 acres of
My mother-in-law passed away in 2007 - she left 5 acres of property to her two sons - An appraiser valued the property at $3.3 million so the IRS has assessed the inheritance tax at over $300,000 - We… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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I was a partner, with 2 others, in a land investment 10 years
I was a partner, with 2 others, in a land investment 10 years ago. We bought 200 acres of farm land, developed and sold 50 acres. The partners wanted to divide the remaining acreage 5 years ago, so we… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I am thinking of selling my North Central Ohio 80 acre farm
I am thinking of selling my North Central Ohio 80 acre farm purchased back in 1969. Must I go through a lawyer and/or realator to accomplish this feat?? Have lived at this location since 2002. I have … read more
socrateaser
socrateaser
43,144 satisfied customers
In January 2004 my mother in law deeded 86 acres of property
In January 2004 my mother in law deeded 86 acres of property and a rental house with a Life Estate. In January 2009 after she went into a nursing home and became Medicaid Eligible, due to the fact she… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,106 satisfied customers
Hi, I own a house in NJ with 19 acres of land. For property
Hi, I own a house in NJ with 19 acres of land. For property tax purposes, the house is assed with 1 acre of land, and there is a separate (very low) tax assessment on 18 acres, which is "farm assessed… read more
Richard
Richard
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Doctoral Degree
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Im in Texas and my question is regarding Real Estate taxes
I'm in Texas and my question is regarding Real Estate taxes and Estate "Gift" taxes. My husband's mother passed away in 2007. She left her separate real estate in equal 1/3 shares to her husband, son … read more
Merlo
Merlo
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Real Estate/Capital Gains Tax Law Question If I split off
Real Estate/Capital Gains Tax Law Question: If I split off and sell a portion of my lot to a third party, retaining the rest for myself, what is the basis of the sold land for capital gains purposes? … read more
Merlo
Merlo
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My grandma owned farmland and deeded it to my mom in 1082 subject
My grandma owned farmland and deeded it to my mom in 1082 subject to her life estate. mom deeded her future interest to me in 2003. grandma died in 2007 thus making me legal owner. now in 2009 i wish … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
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
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
When a boundary line adjustment is made to piece of ...
When a boundary line adjustment is made to piece of property, should the tax assessor change the assessment on the the property tax bill for the property that was enlarged due to boundary line adjustm… read more
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Ed Johnson
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