selling part in home & 11 acres

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  #1  
Old 10-11-11, 04:20 PM
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selling part in home & 11 acres

I am selling my part in a home & 11 acres of land that my mother left to us 4 children.My brothers son is buying the home & land from us 4 children we are to sign papers tomorrow will i owe any taxes on the amount i receive which is not that much. Thanks for your help
 
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  #2  
Old 10-11-11, 07:51 PM
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how long ago did you inherit the property?
 
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Old 10-12-11, 03:57 AM
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There is a difference in inheritance and outright sale. You may get clipped for the tax. We're trying to sell mother's house in Commerce, with no luck yet. My sister and I know there will be a tax liability when we sell, although, now there is none since it is an inheritance. Like you, there probably won't be a large liability.
 
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Old 10-12-11, 10:27 AM
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house

The house has been in the 4 childrens name for the last 10 yrs Thanks for your help
 
  #5  
Old 10-12-11, 10:42 AM
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I would think you would owe capital gains on any proceeds from the sale above the value when inherited, though the current housing market may make that number minimal.
 
  #6  
Old 10-12-11, 08:01 PM
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The home isn't your primary residence, so any tax breaks that accrue to homeowners living in their homes won't apply. It will be treated as a long term capital investment. However, if it has been rented, there are even more rules that may work to your advantage. Beyond that, I defer to the tax and real estate professionals.
 
  #7  
Old 10-13-11, 01:31 AM
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I would spend some money on a good accountant, preferably local and who deals in tax preparation. I gave up filing my own tax returns years ago, as the professionals I have been lucky enough to use are close to brilliant when it comes to getting me the largest refunds. Last year we had a complex real estate sale involving a rental property, and I wound up with $15,000 in my pocket after my "rough numbers" showed we'd only be getting back $8500. Tax accountants know their stuff.
 
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