Re: taxes on land sale

Posted by Dave H (MI) on September 28, 2006 at 19:08:58 from (152.163.100.74):

In Reply to: taxes on land sale posted by centmo on September 28, 2006 at 14:19:25:

I'm a CPA and I do a LOT of tax work. Some of what you were told below is true, some partially true, and some utter nonsense. Yes there is a $500K exclusion of gain for married. No, it is not a one time thing. The sticky wicket here is going to be that part of the property is going to be residential and qualify and (probably) other parts will not. If the folks have been running the farm as a business and filing some type of tax form for it which includes depreciation on buildings, etc then it won't be cut and dried.
The best advice you got here was to find someone good AND local AND with letters CPA after their name. God speed. Dave

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