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Stephen: I own stock personally in a family farm corporation
Stephen: I own stock personally in a family farm corporation (C Corp) (approx 25%). The farm Corporation has real estate assets (farms) as the major assets... I am wanting to trade/sell my shares of s… read more
Lev
Lev
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We must a property that is subject to a life estate. The holder
We must a property that is subject to a life estate. The holder of the life estate is 86 or 87 but can no longer live on his own and cannot manage the property. I have heard that there are tables from… read more
Lev
Lev
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Hi, I have a similar type of question as found on your web
Hi, I have a similar type of question as found on your web site re. the inheritance of farm property from my wife to my daughter. My daughter inherited two 160 acre parcels of farm land in North Dakot… read more
Lev
Lev
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Two familys are involved in a farm property. If we sell it
Two family's are involved in a farm property. If we sell it will amount to approx. 2M dollars. The property was inhereted 16 years ago for an assumed price of $1000 an acre this new price assumes $10,… read more
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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
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My wife and I have had a primary residence in Arkansas for
My wife and I have had a primary residence in Arkansas for over 10 years. We lived there 100% of the time. The house is in our living trust. The house has been for sale for 7 months and will not be so… 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
Merlo
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I have 24 Acres with a mobile home on it that I ...
I have 24 Acres with a mobile home on it that I currently reside in Johnson County Texas. I have lived there for the last 7 1/2 years and I have a potential buyer offer to purchase it (less than $500,… read more
Lev
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Here is my question I currently have a partnership ...
Here is my question: I currently have a partnership with my three sisters, we four are in partnerhsip holding some land that my mother left us in her will. Three of the four of us want to sell the lan… read more
Marvin,EA
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I need to know what the explanation of capital gain ...
I need to know what the explanation of capital gain and inheritance tax is on real estate property. Do you need to reinvest on order to not pay capital gain? How much can you inherit before you have t… read more
Wendy Reed
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My wife and I sold 33 acers of a 55 acer farm. Her father ...
My wife and I sold 33 acers of a 55 acer farm. Her father left it to her when he past about 15 years ago. The property has two residests deeded on one title .We sold to two different people 11 acers o… read more
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I live in kansas i was wanting to know if you receive an ...
Dear XXXXX, Thanks for the additional information. You would pay no tax of anykind on your receipt of any of this money. The reason: The propety was purchased from the estate, making the estate respon… read more
Ed Johnson
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My wifes Grandma has about 350 acres of tillable farm
My wife''s Grandma has about 350 acres of tillable farm land in western Illinois. This land has been in the family for close to 70 years, so not sure of the cost basis, but it is low..Both my wife and… read more
jgordosea
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My wife and I have lived on a farm in Iowa for over 20 ...
My wife and I have lived on a farm in Iowa for over 20 years, and the farm is deeded in our family corporation (wife and I equal owners and officers). We want to sell the farm. Will we have to pay cap… read more
MequonCPA
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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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I sold a portion of my primary residence property and then
I sold a portion of my primary residence property and then I bought another vacant peice of land else where. Am I going to have to pay capital gains tax on the land that I sold? In the future I plan o… 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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Lev
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Bachelor's Degree Equivalent
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Capital gains on sale of partial interest in property
In 1994, my father-in-law gifted 4 four equal shares of his 2/3 interest in 72 acres of undivided bare land to his four children, one of which is my wife. The remaining 1/3 share in the property is ow… read more
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