My husband inherited a lot of vacant land in 1988. It basically sat there until last January when he sold it for about $36,000. It is not business property. He has no idea of what the value of the land was when he inherited it, and he has no idea how to find out.
My question is if this sale should be reported to the IRS and how much tax would he owe on it if taxes are indeed owed?
Posted in Land For Sale
Tagged business, business property, husband, idea, Income, income tax, January, Land, lot, Property, sale, tax, Vacant Land
Mom buys a home in the 1950′s. She deeds the property to daughter and son in 1994 and retains a LIFE ESTATE, living in the house until her death in 2006. Upon her death, the kids subdivide the land to create two parcels – one with the house and one just as vacant land. Both are sold in 2007 in a single closing. I’m doing daughter’s personal returns for 2007. I do NOT represent the estate.
My questions:
1. Do I treat it as 2 separate sales for gain/loss treatment?
2. For what year do I calculate the basis for gain purposes?
Do I go back to 1950-something, is it in 1994, or does it step up to 2006?
3. As the properties were sold in 2007 and I believe it was less than a year after her death, is it short term or long term?
Any help at all would be greatly appreciated!
Posted in Land For Sale
Tagged daughter, Death, Estate, Expert, Home, house, Land, life estate, mom, parcels, personal returns, tax, tax expert, thought, Vacant Land
The vacant land next to us was for sale but it did not sell. I heard the owner who was selling it defaulted on the loan of the property a month ago. How do I find out who currently owns the property and what might happen if the owner did stop paying on the loan. Will they auction it off? I might be interested in buying it if I can locate the owning party. I am in Indiana. Thanks.
Posted in Land For Sale
Tagged indiana, Land, loan, month, owner, party, Property, sale, Vacant Land
We are looking to purchase vacant land to place a modular home on from a private owner.We want in a country setting with some flat land.Would like to have utility hook ups already available but not a must.
Posted in Land For Sale
Tagged anyone, country, County, Doddridge, four acres, Home, hook ups, Land, modular home, owner, private owner, sale, ups, utility, utility hook, Vacant Land, westvirginia
I have a client who is looking for vacant land zoned R-2 or R-3 (zoning for multi-family),wether it’s listed for sale or not listed. I’ve been able to find some with the help of a title company but not that many. There’s no easy way of finding what I’m looking for and I’d hate to accidently skip over some properties just because I wasn’t able to conduct a proper search. Does anyone have any ideas, easy or difficult, on searching for such property?
Posted in Land For Sale
Tagged client, help, Land, ordinance, proper search, Property, Realtors, sale, Title, title company, Vacant Land, wether, Zoning, zoning ordinance