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We purchased a home on 5 acres 7 years ago and subdivided
We purchased a home on 5 acres 7 years ago and subdivided last year., as follows 2.5 Acres with our home and 2.5 acres vacant land. how do I calculate the original cost for my land. can i be exempt fr… read more
FlyingCPA
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Senior Manager
Master's Degree
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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
Enrolled Agent, Paralegal
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I sold some land this year. My father inherited this land in
I sold some land this year. My father inherited this land in 1924 after his parents deaths. My mother was given this land in a divorce settlement in 1982. My mother gave me the land in 1998. I sold th… read more
Lev
Lev
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Was awarded ag land as divorce settlement. gifted 20 acre
was awarded ag land as divorce settlement. gifted 20 acre parcel to my daughter who sold property at market value with no capital gain implications. How do I handle the gift using the Unified tax cred… read more
Barbara
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I am selling a 5-acre parcel (vacant land in an established
I am selling a 5-acre parcel (vacant land in an established subdivision). I purchased this land in 2004 for $268,000. I anticipate it will sell for somewhere between $150,000 - $175,000. Is the differ… read more
Lev
Lev
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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.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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10 years ago, we purchased +50 acres of land as an investment
10 years ago, we purchased +50 acres of land as an investment and built a small house on the property. Last year, we sold the property and house with a capital loss. We can't claim the loss on the hou… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I sold a 25 foot by 150 foot piece of land on the edge of my
I sold a 25 foot by 150 foot piece of land on the edge of my property to increase the size of the lot that is next to me. This was done in 2014 and I have lived on this property for over 25 years and … read more
Lev
Lev
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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
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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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I inherited eighty acres in 1996. In 1998 the eighty acres
I inherited eighty acres in 1996. In 1998 the eighty acres was appraised at $200,000. This is not my primary residence. In 2007,2008, and 2009 I sold twenty acre lots. One each year, to total sixty ac… read more
Merlo
Merlo
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558 satisfied customers
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
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I live in California and I sold some land that I owned in ...
I live in California and I sold some land that I owned in Tennessee. Do I have to declare this when I file my CA taxes? Does CA compare your federal filing vs your state filing? I am hoping there is j… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
906 satisfied customers
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
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Master's Degree
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I was given a vacant piece of land in NY state by my ...
I was given a vacant piece of land in NY state by my parents, I sold it about a month after, how much capital gains tax will I owe ??… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
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In 1984 I bought my home and 5ac.In1988 Ibought 5ac.
In 1984 I bought my home and 5ac.In1988 Ibought 5ac. ajoining it.I wish to sell part of the land.What incone tax would I owe . This isin Texas.… read more
Anne
Anne
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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
I bought 80 acres in 1993 and have lived on the ...
I bought 80 acres in 1993 and have lived on the property since then. I just sold 28 of the 80 acres and want to know what my obligations are regarding Capital gains. I live in Kansas and I am 57 years… read more
Christopher Phelps
Christopher Phelps
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