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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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Client bought 6 acre parcel of land. 1/2 acre to be used to build primary residence. Other 5 1/2 acres to be used to start farming operation. Can client make election to capitalize mortgage interest a… read more
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My father is selling s Farm house with buildings all sitting
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I have purchased a 10 acre plot. This will be a mini ranch.
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I have another farm question. I was reading in a tax book and
I have another farm question. I was reading in a tax book and now I am really confused. I sold some farm land and my residence. Total acreage is 79 acres. The residence sits on roughly 14 acres and th… read more
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Hi, I own a house in NJ with 19 acres of land. For property
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A CLIENT OF MINE DID A LIKE-KIND EXCHANGE EARLIER THIS YEAR.
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A CLIENT OF MINE DID A 1031 EXCHANGE EARLIER THIS YEAR. HE
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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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When selling a piece of zoned b-3 property,do i have ...
When selling a piece of zoned b-3 property,do i have to pay capitital gains plus state and federal taxes?The land was given to me,and i could sell for 1million and a half dollars,how much taxes would … read more
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I bought a house and 20 acres 9 years ago. It has been my ...
I bought a house and 20 acres 9 years ago. It has been my primary residence. In 2006 I split off 10 acres and sold it. Can I use my exemption on the gain and how would I show it if I also want to use … read more
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I have lived in my primary residence for over two years.
I have lived in my primary residence for over two years. I live in Culpeper County, Virginia. It is a house on 4.29 acres. I just subdivided my land. I now have a house on approx. 2 acres and a separa… read more
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What is the law on an S corporation (farm, ranch) for basis if sold. It has been an S corp. since 1973. They are splitting the ranch and one partner is claiming he needs to be compensated for basis on… read more
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My parents are selling 24 acres of farm land they purchased ...
My parents are selling 24 acres of farm land they purchased over 25 years ago. The cost at that time was $1200. It may sell for $6,600. How do we calculate what the capital gains tax will be? Is there… read more
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My Aunt inherited a portion of her family farm ...
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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