Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I received a small acreage property as part of the divorce…

Customer Question
I received a small...

I received a small acreage property as part of the divorce decree when I divorced in 2000. If I sell that property what sort of tax would I be responsible to pay?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The property was a small acreage that orginally was part of a larger parcel with our home on it. The property with the home had to be sold as part of the divorce settlement. I have held the property for 17 years, original improvements of electricity and well were made on it prior to the divorce. What other facts do you need to know?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not sure?

Submitted: 7 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 7 months ago
The property is in Montana.
Answered in 4 minutes by:
12/11/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

You would pay tax on the gain from the sale. The gain is the difference in the cost plus improvements and the sale price less costs to sale.

Your cost is the original price plus the electric and well that was put in.

If you sale for more than that you will pay tax on the overage.

Ask Your Own Tax Question
Customer reply replied 7 months ago
a typical capital gains tax I assume. Property was purchased in approximately 1972 and handled by my ex-husband; I do not know the original price, or the cost of putting in the electric and the well, and no idea how to determine the cost. The electric and well were both installed at the time of the original homesite build.
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 months ago

Yes, it is just a typical capital gain and the rate is based on your total income for the year. As far as the cost you will need to know that or the basis is $0 and you pay tax on the full amount.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited..

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
18,221 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,221 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I need help to figure out exactly how to fill out Form 4797,
I need help to figure out exactly how to fill out Form 4797, if that is indeed the right one to use. I originally purchased home on 5/30/1995 with husband. Purchase price at that time was $89,558.00 G… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My Mom is 89 years on SS with no other income just sold part
My Mom is 89 years on SS with no other income just sold part of her original home stead property for $100,000.00 what tax implications will she have?… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
I live in a home on a parcel of land and I would like to cut
I live in a home on a parcel of land and I would like to cut a piece of acreage off and sell. but I'm not sure what the tax would be on the sale vs if I sold the home and the entire piece of property.… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
Regarding the use of a home after a divorce, the divorce was
Regarding the use of a home after a divorce, the divorce was official 2 years ago, and I have not lived in the house for 5 years. When the house sells, the proceeds will be split. I pass the ownership… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
I acquired a large piece of land ten years ago as an investment
I acquired a large piece of land ten years ago as an investment with the goal of eventually subdividing the property in to two and selling off one of the parcels to fund construction of a home on the … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,221 satisfied customers
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
Tax Consultant
558 satisfied customers
If a person owns a property and sells in order to purchase
If a person owns a property and sells in order to purchase an equal or more expensive property does that person owe capital gains on the sale of the first property… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
On June 23rd, 2009 I received a Final Judgment of Divorce and
On June 23rd, 2009 I received a Final Judgment of Divorce and a property settlement with my ex wife in the State of New Jersey (I live in VA). Prior to the final judgment of divorce, I was under court… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
We were gifted $40,000 in equity to buy the family home. Things
We were gifted $40,000 in equity to buy the family home. Things didn't work out and we sold the home 9 months later. Can we take that $40,000 as a loss? We only made $5,000 off the sale.… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I got divorced in New York five years ago and moved out of
I got divorced in New York five years ago and moved out of state at the same time. My ex-husband is now buying me out of my half of the house for $30,000. Do I have to pay either federal or New York s… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Should my husband or myself or both show the capital gain on our income tax return
My ex and I divorced prior to December 31, 2007. Our Texas decree states that we will file separately and each claim our own income. We sold a commercial property right before divorce and incurred lon… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
How are home sales reported to IRS when the manufactured home
How are home sales reported to IRS when the manufactured home dealer buys land for a custom job?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
State of Virginia--I have been separated for 3 years and my
State of Virginia--I have been separated for 3 years and my husband has agreed to have the deed to our home changed from both of our names to just my name. Legally and taxwise, is it better to have a … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
27,134 satisfied customers
I have a working horse ranch that I also live on. I have recently
I have a working horse ranch that I also live on. I have recently sold the property - how do I report this sale and what are the tax consequences?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
If I sell part of my homestead will I pay capital gains I ...
If I sell part of my homestead will I pay capital gains? I have owned the property for five years. I did a 1099 from a rental property, I have already sold a portion before and paid no capital gains.… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
I bought a house with my husband ten years ago. We made ...
I bought a house with my husband ten years ago. We made some home improvements over the years about $60K. We divorced in 2006 and refinance the house under my name only and pay my ex $80K, per court o… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master\u0027s Degree
2,290 satisfied customers
Real estate property awarded in a divorce. Are there ...
Real estate property awarded in a divorce. Are there capital gains from the proceeds of that property?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master\u0027s Degree
3,197 satisfied customers
I have a divorce settlement and the court in addition ...
I have a divorce settlement and the court in addition to the property division I had to pay an additional amount to the other party is this additional amount taxable as I had to sell one of my propert… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x