How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15600
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

Im .5 years old ..father died in 2001..has a 13 ac. farm

Customer Question

hi im 69.5 years old ..father died in 2001..has a 13 ac. farm bare ground.has ben cash rented all the time. am getting the info on ground value at time of death.. had land app. value is $ how much capital gains % do I pay on sale of land..any one time exeption on capital gains?? thanks john from indiana
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


The sale of the land now is going to be taxed on the gain. Because you inherited you do receive the value in 2001 as your cost.

You will use the difference in cost and sale price as your gain or loss to report.

There is no exemption from the tax but you may have no Capital Gains Tax to pay depending on your income tax bracket.

The tax rate on long-term capital gains is 15%, while those in the top bracket pay 20% and those in the 10% or 15% tax brackets pay 0%.

Depending on your other income and your regular rate you may not have to pay capital gains tax on the sale.

I know rating takes an additional step and I truly appreciate it when you take the extra time!
You have to actively click on a rating (OK or Better) and click submit. Smiley Faces or Stars.
When you actively click on a rating and click submit, that lets Just Answer know you were assisted and credits me for the time.

Expert:  Robin D. replied 1 year ago.

I am not sure why but I was alerted you had responded.

I do not see any post though by you.

If you attempted contact please post again.

Expert:  Robin D. replied 1 year ago.

Checking back to see what else you needed to know about your situation.