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My husband and brothers just sold farmland they inherited 6
My husband and brothers just sold farmland they inherited 6 years ago. Land was used only for crops. Would we be responsible for Capital Gains AND Income tax? … read more
Chad EA, CDFA®, CFP®
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I am retired now. About 40 years ago I inherited an acre of
I am retired now. About 40 years ago I inherited an acre of land which was zoned commercial. I was half owner and my brother was half owner. About 20 years ago I bought my brother out of his share for… read more
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There are 3 parties in my Dad's Trust. I am the Trustee for my brother and myself and another party is the trustee for my Dad's wife's part. He would like to have me buy him out of the trust assets. T… read more
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this question pertains to the new minnesota gift tax of 10
this question pertains to the new minnesota gift tax of 10 percent that goes into effect july 1st 2013. my parents just set up a irrevocable trust one in each name. it is the family farm 513 acres. th… read more
Lev
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We have a qrt. of land that is in crp and we will be taking
We have a qrt. of land that is in crp and we will be taking it out of the program and planting it next year. I have several options but not sure what is the best for us. #1 is to sell it at $3,000 an … read more
Anne
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Hi LEV i asked you a question before on this matter and need
Hi LEV i asked you a question before on this matter and need to ask you more relating to the question. My question is the same as before. I am a farmer that always files a sched F. I sold mineral acre… read more
Lev
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My husband inherited the family farm about 50 years ago. There
My husband inherited the family farm about 50 years ago. There is a total of 80 acres and my husband's mother bought the entire tract at that time for $400 an acre. There are 60 acres of good producin… read more
Richard
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im a professional in the 35% tax bracket. im thinking of buying
im a professional in the 35% tax bracket. im thinking of buying a pecan farm. what deductions could i take against my ordinary income when i buy farm equipment etc.? I would like to increase the size … read more
Jacy
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My parents are 85 & 79 years old, retired from farming. They
My parents are 85 & 79 years old, retired from farming. They want to give my sister and me the family farm, approximately 350 acres. They also have some cash (less than $100K). They are in fair health… read more
Merlo
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My parents established a Revocable Living Trust. My father
My parents established a Revocable Living Trust. My father passed away 10 years ago and my mother died last week. My brother, sister and I are curious: what tax consequences (i.e.,capital gains?) shou… read more
MequonCPA
MequonCPA
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MY DAD AND HIS BROTHER OWN A AUTO BODY REPAIR SHOP AND WAS
MY DAD AND HIS BROTHER OWN A AUTO BODY REPAIR SHOP AND WAS APPRAISED AT 6 MILLION AND WHERE PLANNING ON RETIRING. THEY WANTED TO SELL IT TO US KIDS WHICH IS 4 OF US FOR 2 MILLION. THERE ACCOUNTANT SAI… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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My wifes parents owned a farm in Kentucky. They bought it
My wife's parents owned a farm in Kentucky. They bought it approx. 50 years ago for approx. $7000. They lived on it for a few years then moved to another home they bought. Some improvements were made … read more
Ed Johnson
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I sent this question in once before; however, I am not sure ...
I sent this question in once before; however, I am not sure that I gave sufficient detail to trust the answer that I received. So, I am asking it again...this time with more detail....................… read more
MequonCPA
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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
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My elderly parents bought land, joint tenancy, with two ...
My elderly parents bought land, joint tenancy, with two other retired couples. One of the couples sold out to my brother for just what he had in the property. My brother continued to make the land pay… read more
k kemper
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My parents and my brother own a second house that they ...
My parents and my brother own a second house that they bought in 1989 and have rented since then. All three are mentioned on the house documents. They would now like to gift it to my family and it wou… read more
jgordosea
jgordosea
Enrolled Agent
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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
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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how can one transfer property to a revocable trust and
how can one transfer property to a revocable trust (or another technique) and avoid gift taxes?… read more
Zhicheng Lai
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