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I am working on my taxes using my H&R Tax Cut program. I
I am working on my taxes using my H&R Tax Cut program. I have a quick question. My mother died in 10-2018. She had a "payable upon death deed" recorded prior to her death stating that upon her death, … read more
emc011075
emc011075
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Bachelor's Degree
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My father passed away in 2013. He did not have a valid will;
My father passed away in 2013. He did not have a valid will; my younger sister became the executor of his property, she also lived nearby and could tend to any legal issues. He had purchased a 40 acre… read more
Lev
Lev
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I have a complicated question about a family trust. My
I have a complicated question about a family trust. My mother died and I became the trustee of her property. Her trust specifies that some land must go to a certain persons, but the main farm was left… read more
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Lev
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Bachelor's Degree Equivalent
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My wife and I are sole owners of an LLC that has 100 shares
Second opinion] My wife and I are sole owners of an LLC that has 100 shares of stock. The LLC ownes 360 acres in Colorado that we are considering selling. All of the stock in the LLC was owned initial… read more
PDtax
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What would be the best way to determine the basis for IRS
What would be the best way to determine the basis for IRS purposes for land with mineral rights that was purchased in the 1950's and inherited in 2011? It was sold for a large amount (over $600K) but … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
We are donating a 99 year lease of 5 acres to a non-profit.
We are donating a 99 year lease of 5 acres to a non-profit. The current value of the 5 acres is probably worth about $100,000. after the land is appraised, can we declare a contribution of the value o… read more
Lane
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JD, MBA, CFP, CRPS
Doctoral Degree
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This year we sold property that was equally owned between myself,
This year we sold property that was equally owned between myself, my brother, and my mother. We sold 75 acres of pasture land in Oklahoma to a third party. Through an oral agreement between myself and… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I live in Pa. I have my home for sale with 14+ acres. I have
I live in Pa. I have my home for sale with 14+ acres. I have sold 5 acres to a neighbor this year and just entered a sales agreement for the house and remaining acres. The home and additional acres wi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
I purchased my primary residence with 20 acres of land with
I purchased my primary residence with 20 acres of land with the intention of 10 acres being purchased as an investment. I recently sold off the 10 acres, but at a severe loss... Can I claim this loss … read more
Charles Markham
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When my husband and I married 33 years ago, his parents deeded
When my husband and I married 33 years ago, his parents deeded to us two acres of their farm to build a home. We still reside in that same home and now own 13 acres of that family farm. (An additional… read more
Richard
Richard
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Doctoral Degree
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My great grandma quick deeded farm land to my dad,in1971 she
My great grandma quick deeded farm land to my dad,in1971 she died in 1975 in the deed it stated my dad had the land unti he died it was then my mothers until she passed. She passed in 2010 my dad in 2… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
I have another farm question. I was reading in a tax book and
I have another farm question. I was reading in a tax book and now I am really confused. I sold some farm land and my residence. Total acreage is 79 acres. The residence sits on roughly 14 acres and th… read more
CGCPA
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What constites a distribution from an estate And if propert
What constites a distribution from an estate? And if property is deeded out (mistakenly) and then deeded back to an estate is that a taxable event? If taxable where do a find the law that pertains to … read more
Jon Andrews
Jon Andrews
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In January of 2009 I sold farm ground for 182,027.98. The buyer
In January of 2009 I sold farm ground for 182,027.98. The buyer paid 89,895.48 the first year and second payment of 92,132.50 this year. My question is how much will I have to pay in caital gains?… read more
Jon Andrews
Jon Andrews
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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
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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
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I sold 8 acres of pasture. What type of taxes do I have to ...
I sold 8 acres of pasture. What type of taxes do I have to pay. Do report this as income or capital gains. The monies received are less than what I paid for all 20 acres 34 years ago.… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
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i have acres of land given to me as part of my inheritance
I have 3 acres of land given to me as part of my inheritance. The county in which I live wants the land to build a resevoir. They say I can either sale the land or they will condemn it. If I sell does… read more
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