Posted on: 16th Aug, 2009 05:55 pm
My husband and I are forced to sell 40 acres and I wanted to know if you could tell me how much I'm looking at in capital gain taxes? My husband was a farmer, we had almonds but he was in a accident that left him permanently disabled and he can no longer take care of the trees.we had to have them pushed because they all died from not being taken care of.We haven't received any money from them in two years, would they still be considered a business?
Frustrated in Ca.
Frustrated in Ca.
Hi Guest!
Welcome to forums!
The capital gains taxes would depend upon the profit you make from the sale off the property compared to original price you paid while purchasing it. If there's a profit, then you need to pay the capital gains taxes. In case, if you do not earn any profit, then you won't have to pay capital gains taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The capital gains taxes would depend upon the profit you make from the sale off the property compared to original price you paid while purchasing it. If there's a profit, then you need to pay the capital gains taxes. In case, if you do not earn any profit, then you won't have to pay capital gains taxes.
Feel free to ask if you've further queries.
Sussane