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I sold some of the land on my place and received $200k. I
I sold some of the land on my place and received $200k. I used $150k to pay off the note on the property. I got a 1099S when I sold the property. Are there capital gains on the sale? My original purch… read more
Barbara
Barbara
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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®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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In 1985 my mother gave me a parcel of woodland when she
In 1985 my mother gave me a parcel of woodland when she divided the family farm between me and my siblings. She did not want us to have to wait to inherit it. Now I am planning on selling the property… read more
Mark Taylor
Mark Taylor
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My father is selling s Farm house with buildings all sitting
my father is selling his Farm house with buildings all sitting on 40 acres. … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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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
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Had family farm appraised. The appraisal came in at $700 an
Had family farm appraised. The appraisal came in at $700 an acre. The farm is in a six person partnership. Nephew has been leasing the land and is putting in bid to buy. If the farm land can easily se… read more
CGCPA
CGCPA
Owner
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My parents have lived in their home for 30+ years. They recently
My parents have lived in their home for 30+ years. They recently have split off two acres and want to sell that and then, after that sells, seperately sell their house side that also has two acres. Wi… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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My father bought a 40 acre farm in 1973 for $35000. He passed
My father bought a 40 acre farm in 1973 for $35000. He passed away and we sold 22 acres of the land $6500 an acre. There are 5 of us daughters that had to split that evenly. How much capital gains tax… read more
Marvin,EA
Marvin,EA
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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
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I bought A propetty 8 years ago for $330.000.00. It was a ...
I bought A propetty 8 years ago for $330.000.00. It was a single family home with a lot that was sub divided. We refianced after two years anf the single family home was able to carry the note on the … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
- Howell Properties of NC, LLC was formed in 1999 - owned ...
- Howell Properties of NC, LLC was formed in 1999 - owned by 2 brothers (no other owners or investors). - in 1999, 2 farms (54 acres & 70 acres = 124 acres) inherited and owned personally by the broth… read more
Jon Andrews
Jon Andrews
CPA
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I was hoping for some help.In 1992 i acquired a 3 bedroom ...
I was hoping for some help. In 1992 i acquired a 3 bedroom bungalow in grounds of two fifths of a hectare. There is a barn on the plot that i wish to sell. I wanted to ask you about capital gains tax … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
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
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
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
48,697 satisfied customers
I intend to sell my principal residence which meets the 2 ...
I intend to sell my principal residence which meets the 2 of 5 years test. I also own the adjoining vacant 5 acre parcel which was used as my principal residence and meets the 2 of 5 years test. I int… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
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
48,697 satisfied customers
Do I owe capital gains taxes to the State of Indiana if I ...
Do I owe capital gains taxes to the State of Indiana if I sold 65 acres of farm land to a LLC. I inherited the land over 5 years ago and at that time the land was worth $2050/acre and paid the inherit… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
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