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

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hi im 69.5 years...
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 $7500..ac. how much capital gains % do I pay on sale of land..any one time exeption on capital gains?? thanks john from indiana
Submitted: 2 years ago.Category: Tax
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2/2/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
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Hello

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.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years 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.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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

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