our son wants to buy our farm equipment. Do we have to pay capital gains tax
on any monies realized over what we initially paid for it?
JA: PayPal, Debitcard or credit
card are all fine.
Customer: how much?
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: what more do you need to know?
JA: Anything else I can tell the Accountant before I connect you two?
Customer: we bought the equipment in 2010 from my husband's mother's estate. it has run its course of depreciation
; few pieces are relatively new but in today's market used is about as valuable as new. However, we don't want to burden
our son with a high purchase price for equipment that is over 25 yrs old. We understood from our accountant that if we sold our equipment for more than what we paid for it capital gains tax would come into play. That's our concern at this point our son has the means to get the money but he's waiting to hear from us
as to what we want for it.
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form
, I'll tell the Accountant about your situation and connect you two.