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Posted: 6/22/2003 6:29:36 PM EDT
Short version here please. Can anyone explain to me why a person has to pay a capital gains tax on agricultural land that is inherited? If I understood the lawyer correctly the gains will be calculated from the time the land wad inherited by the party currently owning the land, and the tax is to be paid by the kids inheriting. Anyone care to explain, or tell me if I am wrong.... fullclip
Link Posted: 6/22/2003 6:51:23 PM EDT
It depends on who owns it now, who owned it originally, how long each has owned it, if any of them lived on it and so on.
Link Posted: 6/22/2003 7:03:09 PM EDT
I'll give it a try. It is a family farm, owned by my wifes mother(inherited) for 25 years, bought by her parents in 1946. Owned and operated by family, both owners lived there until retirement... Also, I thought agricultural land was exempt from capital gains. am I wrong??? .. fullclip
Link Posted: 6/22/2003 7:40:31 PM EDT
Try [url]clarkhoward.com[/url]? Consumer warrior.
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