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re: Land Sale Tax Question
Posted on 11/4/16 at 4:56 pm to damonster
Posted on 11/4/16 at 4:56 pm to damonster
I'm not sure if it's appraised value at the time or market value at the time the reason I say that is there is many times a huge difference with land. For instance I have a 82,000 sq ft commercial parcel of undeveloped land here in houston where tax value is like 30% of its real value. The county assessors are usually way off on land valuations.
On the otherhand as someone else mentioned a 1031 exchange you would pay 0 in taxes but you would have 45 days after the sale to identify another property over the value of the current one you're selling and then you have a couple months to buy it.
If you want to cash out in cash, then you will pay taxes and your math is about right give or take.
On the otherhand as someone else mentioned a 1031 exchange you would pay 0 in taxes but you would have 45 days after the sale to identify another property over the value of the current one you're selling and then you have a couple months to buy it.
If you want to cash out in cash, then you will pay taxes and your math is about right give or take.
This post was edited on 11/4/16 at 5:03 pm
1
Posted on 11/5/16 at 8:52 am to dabigfella
Fair Market Value at death generally sets the basis. That gives you some wiggle room, but the IRS knows it, and there is a new 2015 law that can pop you with an accuracy-related penalty if you fudge too much.
You're going to need to complete Schedule D.
If there's much money at issue, it may be worth it to consult a tax professional.
Here is what the IRS says about sales of inherited property: LINK
You're going to need to complete Schedule D.
If there's much money at issue, it may be worth it to consult a tax professional.
Here is what the IRS says about sales of inherited property: LINK
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