Taxes, wohoo!!!

[cypressfarms]

Since I'm starting treatments soon, I wanted to get the taxes done soon while I'm still feeling o.k. I had been dreading it the whole year because my wife's grandfather died in 2008 and she inherited 1/2 ownership of a house and some land valued at $40,000. We sold the half interest in the house to the brother in law and sold the land to her cousin. We used the money to add on to our house. I just knew that we would have to pay taxes on the sale of the land and house, but to my surprise we don't. The CPA, yet another cousin, explained that as long as the succession had a value listed for all of the assets, and we did not sell for above that amount, that we realized no capital gains. This year there is no limit to inheritance - although that will surely start to change with the current administration. So the net result was a wash, with us owing no tax on either sale. That was some really nice news.

Anyone else ever find out good news from an accountant after they feared the worst?

 

[Jogeephus]

That is good news. Keeping up with your basis in your property is very important but many people neglect to do this and UNLESS they have a sharp accountant end up paying taxes twice. Sounds like you got one who is on the ball. Believe me, not all are.

 

[bigbull338]

around here its always a goodthing if the accountant warns you before you have to pay taxes.an tells you how much money you need to spend.being in a constant buying motion.i dont have to worry about that.

 

[GMN]

I was worried about it this year, because we switched to a new person. The lady we had gone to for the past 15 years, made a pretty big mistake last year, so it was time to switch. Last Tuesday I went in, and had gathered all the numbers, and info, so it was just going over it all, and we will be getting money back this year. Now its just gonna be deciding what to do with it, pay bills or keep it awhile to see how bad milk prices get, may need it to just get thru the next few months.

GMN

 

[1982vett]

Start paying 2009 taxes? :lol:

 

[Lammie]

Start paying 2009 taxes? :lol:

Believe me, I think about this. Property taxes always seem to catch me off guard.