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Teach me about Capital Gains Tax and selling land to pay for nursing home
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midwest
Posted 1/26/2019 09:26 (#7273651 - in reply to #7273439)
Subject: RE: Teach me about Capital Gains Tax and selling land to pay for nursing home



Appears to be no capital gains tax due.

Sounds like the estate planning is working pretty good.

At the going rate of $7500/A, looks like she has another $3,750,000 to go.

There is a paper/value loss of $1500/acre from the appraisal of 2014. Since it was passed thru an estate to her, I don’t consider that much of a loss. A loss is a loss though, consult your accountant to see if the loss will lower her federal and state taxes.

Edited by midwest 1/26/2019 09:34
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