Compare Mortgage Quotes

Guest

My parents want to deed us 4 acres of their farm on which they live, they bought it about 35 years ago. There is a question about paying capital gains tax for them if they sell it to us. The question is, if they decide to sell the land to us for what they bought it for 35 years ago, will they have to pay capital gains on it, since there is no profit involved?

Some family members will deed land for one dollar, is that why that is done?

smithsussane · Posted: Wed Sep 08, 2010 9:51 pm Post subject:

Hi littlequeen!

Welcome to forums!

If there is no profit from the sale of the property, then your parents will not be liable for the capital gains taxes. If your parents wish, they can transfer the property to you for even $1 as well. But it's not mandatory for them to do so.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

capital gains tax

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1