Re: taxes on land sale

Posted by dhermesc on September 29, 2006 at 05:56:04 from (68.110.220.22):

In Reply to: Re: taxes on land sale posted by Davis In SC on September 28, 2006 at 20:19:46:

CPAs (honest ones) operate on a stated fee, a lawyer will try and operate on a percentage. When it comes to estate planning a lawyer will usually make a mess of things before all is said in done, especially ones that don't specialize in tax law.

In this case the couple needs to know their basis in the land, or what they paid for it and the cost of improvements (fence, terraces, buildings) they've made over the years. Items that have been depreciated like a $40,000 machine shed that has been depreciate to -0-, will be taxed at the regular tax rate to the extent of their value at the time of the sale. As long as they have (some) records the tax return shouldn't cost all that much to prepare.

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