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| i claim income support for myself n 3 kids but is child tax credit incuded in income support or is that something else? ive just been lookin through the net about benefits and found this? is it ... |
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 The IRS is spending $42 Million to tell people they might get a rebate....? |
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 NOW, are you ready to support Steve Forbes "flat tax" proposal? |
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Kathy B | Do I have to pay taxes on land that we are selling that has been in the family for over 100 years.? |
The land I am selling was given to me by my father & the land has been in the family for over 100 years. Do I have to pay capital gains taxes on it if I sell it. |
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Answer Girl
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Yes. It also gets sticky. If the property was a gift, and not received from division of an estate (i.e. you father was alive when he made the gift.) Then your dad should have paid gift taxes (unless the land was worth less than the gift tax exclusion amount at time of gift.) If he did not pay the gift taxes, the IRS can seize the land from you to collect that back tax (plus interest, and late penalities.)
If all that gift tax stuff was done properly, you still could have a large tax due, as your basis value in the property will be close to your fathers basis (what his value was assessed at plus a portion of the gift tax paid will be your basis). If the property value has always been gifted within the family over that last hundred years, you can be looking at a sizable capital gain!
If you received the property as a result of the death of the former owner, then the value of it is the FMV at the time of death. Odds are that will result in less taxes for you.
The good news is the long term held capital gains tax currently sits at only 15% as the top tier for gains on land.
There are a few ways to avoid the capital gains tax (in whole or in part) but they are too numerious to list them all here and they depend on your circumstances. Most common is if the property is your primary residence. Put most simply, if you have owned and used (lived at) the property for at least two of the last five years then you may exclude $250,000 in gains ($500,000 if married, filing jointly). You may also subtract expenses from any gains (such as realitor fees).
If you think you will be facing a large amount of capital gains tax, I suggest you speak with a tax accountant BEFORE you sell the property to be sure you handle it the best way possible. |
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bostonianinmo
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Yes, you most certainly do.
Your basis in the land is whatever your father's basis was, adjusted for the portion of any Gift Tax that was paid attributable to the increase in the value of the land since it was given to you, and for any improvements to the land (buildings, fencing, etc.)
Your gain is the net sales proceeds minus your basis. The gain will be taxed at the long term CG rate, normally 15%. |
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Wayne Z
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You would pay Capital Gains taxes on the difference between the selling price and your basis (cost). As it was a gift, your basis equals the basis of whomever gave you the land.
This one is probably going to take some research to figure out. |
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Judy1
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Yes you do. Why wouldn't you? And since tracking down the basis could be pretty hard, you might have to pay tax on the entire selling price. |
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Brennanp
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I believe so. You pay taxes on the dividends of stocks, and other capital gains. I don't believe that it matters, how long you've possessed the property. We sold land a few years back, which was in the family a long time. I believe we ended up paying taxes on the capital gains. Check with a tax pro, though, as tax laws change yearly. |
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spicertax
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The answers about his gift tax return are correct. If he correctly filed a Form 709 in the year of the gift his cost basis - and yours - would be on it. The value at the time of gift means nothing. |
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Catie
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Most likely yes. But there are legal loop holes, depending on where you live. Contact an attorney. There are some who will offer first session free of charge. |
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acmeraven
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You have to determine what the dollar value of the land was at the time (date) you received it from your father; that is your basis (example- $ 10,000.oo). If you sell it and have had it in your possession for a year and a day or more then any gain is long term; or only 5% in the 15% bracket. Say you sell it for $ 18,000.00; then you have a gain of $ 8,000.00; which would give you a federal tax due of $ 400.00. If you sell it short term (possession of less than one year) then the gain is taxable at normal income tax rates for your bracket. |
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