Sure, anytime. Thanks for recognizing that I'm not a dum...

LAGTX · ‎12-07-2019

sjrcpa · ‎12-07-2019

The basis would be split between the parcels. Taxable gain or loss on each parcel sale.

The more I know the more I don’t know.

View solution in original post

LAGTX · ‎12-07-2019

Great, that’s what I thought but wanted confirmation. Thank you

IRonMaN · ‎12-07-2019

Based on the facts presented the tax implications would be somewhere between zero and a gazillion dollars.

Slava Ukraini!

George4Tacks · ‎12-07-2019

A gazillion is way too much for 20 acres, even out here on the Left Coast.

Answers are easy. Questions are hard!

LAGTX · ‎12-07-2019

Maybe I worded it badly but I wanted to know how tax would be calculated, not monetary result. Thanks smart ass

IRonMaN · ‎12-07-2019

Sure, anytime. Thanks for recognizing that I'm not a dumb ass. There are way too many of those visiting here.

Slava Ukraini!

abctax55 · ‎12-07-2019

"Maybe I worded it badly"
Yes, you did. That's why you got the answer you did.
Ever hear the one about not shooting the messenger?

HumanKind... Be Both

George4Tacks · ‎12-07-2019

@IRonMaN Did I see a "not helpful" on sjrcpa's post? I am getting my eyes surgered upon, but I didn't think they played that trick on me.

Answers are easy. Questions are hard!

abctax55 · ‎12-07-2019

Susan had a no vote earlier....unless both of us are having the same vision problems.
O/T - are you going to be subject to the power shutoff today?

HumanKind... Be Both

dd4vols · ‎12-07-2019

Captial Gains tax rate would most likely be applicable....but most competent tax preparers would know that already. Maybe the vacant land owners can find one...……………...

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.

abctax55 · ‎12-07-2019

LOL

HumanKind... Be Both