Is the Agricultural and Commercial Land is treated differently than the Residential land for the purpose of calculation of capital gains tax?
Tag Archives: capital gains tax
Capital Gains for land Sale?
Posted in Land For Sale
Tagged Agricultural, calculation, Capital, capital gains tax, commercial, Land, purpose, Residential, residential land, sale, tax
Can I avoid How can I avoid paying capital gains taxes on a house I’ve lived in for 18 months?
I want to move before the 2 year “residenancy” period, but am willing to pay the mortgage on the house while renting another place to live until the 2 years is up. Also, what unforeseen circumstances qualify for capital gains tax exclusion? Does having a baby and not being able to afford to stay in the house qualify? The bottom line is I am deseprate to move but don’t want to screw myself by owing Uncle Sam a huge amount of money on my home sale.
Posted in Homes For Sale
Tagged amount of money, Baby, bottom line, Capital, capital gains tax, capital gains taxes, exclusion, having a baby, house, mortgage, period, Place, residenancy, Sam, tax, tax exclusion, uncle sam, unforeseen circumstances, year
To avoid paying capital gains tax on the sale of land, must you own it for two years?
To avoid paying capital gains tax on the sale of land, must you own it for two years?
To avoid paying capital gains tax on the sale of land, must you own it for two years?
To avoid paying capital gains tax on the sale of land, must you own it for two years?
Inheritance or Capital Gain?
In 1986 my mother passed away suddenly with no individual will – only my parents’ joint will. This year my father sold all of her land (for $85k) in Louisiana (we live in MS) with the plan of paying the capital gains tax and giving the proceeds to all of us, his children (who would then pay taxes too being over $11k). According to Louisiana law (Napoleanic code?), since there was no will, the proceeds of the sale go to the children – all now in their 40s not the spouse. Each will get about $27k. My question is, in April of ’07, on my ’06 taxes, will this be counted as a tax-free (I think if under $2 million) inheritance or will I need to get a record of its appraised price in ’86 and pay capital gains tax on the proceeds using a cost basis on the price difference from ’86 to ’06?
Posted in Land For Sale
Tagged 40s, Capital, capital gain, capital gains tax, cost basis, father, Gain, inheritance, Land, Louisiana, louisiana law, mother, napoleanic code, parents, plan, price, proceeds, tax, year