Menu
Forums
New posts
Search forums
What's new
New posts
New media
New media comments
New profile posts
Latest activity
Media
New media
New comments
Search media
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Forums
Non-Cattle Specific Topics
Every Thing Else Board
Taxes, wohoo!!!
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Help Support CattleToday:
Message
<blockquote data-quote="cypressfarms" data-source="post: 628142" data-attributes="member: 2653"><p>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.</p><p></p><p>Anyone else ever find out good news from an accountant after they feared the worst?</p></blockquote><p></p>
[QUOTE="cypressfarms, post: 628142, member: 2653"] 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? [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Non-Cattle Specific Topics
Every Thing Else Board
Taxes, wohoo!!!
Top