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Over 25 years ago taxpayer bought 50 acres of property which
Over 25 years ago taxpayer bought 50 acres of property which included both tillable farm land and standing timber. An appraisal detailing the value of the land and timber separately was not done at th… read more
Tax.appeal.168
Tax.appeal.168
Principal
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I sold an airstream trailer in 2017, do I have to pay taxes
Second opinion] I sold an airstream trailer in 2017, do I have to pay taxes on this sale? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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S-Corp owns a farm and receives farm rental income. Farm
S-Corp owns a farm and receives farm rental income. Farm also includes some acres of timber. What form does a S-Corp use to report the casual sale of standing timber and how is the cost basis determin… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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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
Mark Taylor
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As a nonresident of WV where I own some land, do I need to
As a nonresident of WV where I own some land, do I need to pay 2016 income tax on the sale of standing timber from 2016? If so, does WV have a capital gains tax rate? Thank you … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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My Father and I owned a trailer together in California. We
My Father and I owned a trailer together in California. We did not own the land it was on. My Father paid rent to keep the trailer on the land. When my Father passed away, I sold the trailer and gave … read more
Tax.appeal.168
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i am doing a partnership return. they had sales of timber
i am doing a partnership return. they had sales of timber through the partnership, where do i put these? on the 4797 ? thanks… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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My husband and his sister had their fathers land changed into
My husband and his sister had their father's land changed into their name when he reached 80. He passed when he was 84. The tax value of the land and moblile home is $38,000 and they are selling it fo… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I sold some timber to build my house. I received a 1099-s form
I sold some timber to build my house. I received a 1099-s form where do I file this and can I deduct the expenses I paid for clearing off the land? Also can I deduct my Health Ins. Premiums on my sch … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
22,819 satisfied customers
I have a 1099-S for the sale of Timber. I am putting in on
I have a 1099-S for the sale of Timber. I am putting in on Form 4797. I have owned the land for over 40 years. Can I take any kind of depreciation? Also, on Form 4797 is ask for the property type. I d… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My parents own 288 acres of Iowa farmland and my father has
My parents own 288 acres of Iowa farmland and my father has been put in the hospice program as he has terminal cancer. My mother is considering selling 40 acres of farmland to help offset expenses but… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I was given 45 acres of land as a gift approximately 12 years
I was given 45 acres of land as a gift approximately 12 years ago, in 2008 some of the timber was cut and I received a 1099-S. Where do I report this income. Also, how can I ever claim long term capit… read more
Anne
Anne
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I sold timber on some land to recoup part of my original investment.
I sold timber on some land to recoup part of my original investment. I had a timber survey done when the property was purchased. Do I have to pay taxes on this money?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My husbands mother did a warranty deed in 1988 to him for the
My husbands mother did a warranty deed in 1988 to him for the family property reserving a Life Estate for herself. She died 1995. My husband sold 4 acres of the property in 2008. Does he owe taxes. We… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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Brothers and sisters have been gifted a farm from their parents.
Brothers and sisters have been gifted a farm from their parents. They have since sold timber from it. $50,000 to be divided among 4 of them and giving their parents $10,000 of this. Parents have ss an… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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I have a partnership that sold some timber in September ...
I have a partnership that sold some timber in September 2007. The partnership is made up of three sisters. Their father donated part of this land to them, with all rights to the timber, several years … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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My grandmother was an heir to a large land grant in New ...
My grandmother was an heir to a large land grant in New Mexico that was sold. I will be getting some money from the sale of the shares that my grandmother left me. How will I be taxed on the money I g… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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I am considering selling most of a vacant, wooded piece of
I am considering selling most of a vacant, wooded piece of land my Father gave me two years ago and am wondering if it is worth it considering the income tax that will be due. The land is in Upstate N… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
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