LAGTX
Level 1
12-07-2019
10:43 AM
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Best Answer Click here
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sjrcpa
Level 15
12-07-2019
10:43 AM
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The basis would be split between the parcels. Taxable gain or loss on each parcel sale.
Ex-AllStar
LAGTX
Level 1
12-07-2019
10:43 AM
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Great, that’s what I thought but wanted confirmation. Thank you
IRonMaN
Level 15
12-07-2019
10:43 AM
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Based on the facts presented the tax implications would be somewhere between zero and a gazillion dollars.
Slava Ukraini!
Slava Ukraini!
George4Tacks
Level 15
12-07-2019
10:43 AM
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A gazillion is way too much for 20 acres, even out here on the Left Coast.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
LAGTX
Level 1
12-07-2019
10:43 AM
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Maybe I worded it badly but I wanted to know how tax would be calculated, not monetary result. Thanks smart ass
IRonMaN
Level 15
12-07-2019
10:43 AM
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Sure, anytime. Thanks for recognizing that I'm not a dumb ass. There are way too many of those visiting here.
Slava Ukraini!
Slava Ukraini!
abctax55
Level 15
12-07-2019
10:44 AM
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"Maybe I worded it badly"
Yes, you did. That's why you got the answer you did.
Ever hear the one about not shooting the messenger?
Yes, you did. That's why you got the answer you did.
Ever hear the one about not shooting the messenger?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
George4Tacks
Level 15
12-07-2019
10:44 AM
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@IRonMaN Did I see a "not helpful" on sjrcpa's post? I am getting my eyes surgered upon, but I didn't think they played that trick on me.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
abctax55
Level 15
12-07-2019
10:44 AM
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Susan had a no vote earlier....unless both of us are having the same vision problems.
O/T - are you going to be subject to the power shutoff today?
O/T - are you going to be subject to the power shutoff today?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
dd4vols
Level 10
12-07-2019
10:44 AM
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Captial Gains tax rate would most likely be applicable....but most competent tax preparers would know that already. Maybe the vacant land owners can find one...……………...
If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
abctax55
Level 15
12-07-2019
10:44 AM
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LOL
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"