I own some land in WV that I would like to sell. The problem is, I have only been the sole owner since Nov 06. How long do I need to wait to substancially reduce capital gains tax when I sell it. Any advice would be totally appreciated; I'm a newbie at this. Thanks!
2007-05-02 09:55:25 · 4 answers · asked by flinch 4 in Business & Finance ➔ Taxes ➔ United States
wow, that explains alot. you would be from west virginia. are you inbred and a cannibal? hope this helps answer your question. have a great day
2007-05-03 04:55:36 · answer #1 · answered by TheJester 2 · 1⤊ 2⤋
Unless your principal residence is located on this land, the best you can do is qualify for long-term capital gains treatment. That requires that you keep the property for at least 1 year and 1 day.
However, it you received the land by bequest, you can sell it immediately with little or no CG tax consequences as you would have received the stepped up basis on the bequestor's date of death. This would also be a long-term CG regardless of how long you held the property.
If your principal residence is located on the land, you must live in it for 2 of the 5 years immediately prior to the sale to qualify for an exclusion of the gain from tax. That exclusion depends upon your filing status. It's $250k if you're Single and $500k if you're Married Filing Jointly.
2007-05-02 10:10:39 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 1⤋
a; you will possibly no longer substitute your recommendations on a freelance. b; if the recipient of the contract has violated factors of the contract [it variety of feels as though it relatively is been violated], you have the suited to offer him a letter pointing out your understanding of the contract and how it relatively is been violated and then, i could document that fact with the county recorder and enable him comprehend that he has 30 days to vacate the premises. you should offer a 30 day observe to vacate-- if he or the present occupant does no longer, you should circulate to small claims court docket to get him out......merely like a non paying tenant. --after analyzing your question a 2x time, i'm surprised that your broking [who gave you the 1st land contract?] has no longer given you a observe of violation of the contract. [i'm going to have misunderstood this area yet when I even have not, your permission gained is a verbal or written decision. i'm on no account helpful it relatively is even valid now. [in the experience that your decision has expired, you may no longer get a purchaser for this individual and be paid something; it relatively is illegitimate.] obtainable to steer added
2016-10-04 06:53:49 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I'll trade; I'm in sw Ohio! I am sure you have a much better view...... I see factories, smog, pollution, and litter; you might want to rethink that. :)
2007-05-02 10:01:38 · answer #4 · answered by Anonymous · 1⤊ 0⤋