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Do you pay inheritance tax on land that is deeded to you before before death?
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How can you avoid inheritance taxes on land that is willed to you?
I assume you are talking about what can you do after the person who left you the land has died. You can disclaim the inheritance. To effectively disclaim the inheritance you must carefully adhere to a number of rules, such as you did not get any personal benefit from the disclaimed property and you complied with time limits. You really should ask for professional help. Of course, there are a number of things you can do if you can get the person who is leaving you the land to restructure his estate plan before he dies...
If I put rental houses in a Florida land trust would the benefit of stepped-up-basis still be available upon my death or would doing that destroy this tax benefit?
If your "land trust" is a separate legal entity, then it would not have a "death" and the stepped-up basis would not apply because you no longer own the property.
Can Land be depreciated?
Land cannot be depreciated.
Is land inherited and then sold subject to tax?
Yes. It is subject to the same property tax as any other land. But you probably wanted to know about income taxes. When you sell something like land, the difference between the sale price and your adjusted basis is a capital gain or capital loss. Capital gain is taxable, subject to certain exclusions such as the $250,000 (or $500,000 for joint filers) exclusion for a principle residence that you owned and resided in for two of the last five years. "Basis" is the amount you paid for the property plus certain costs like capital improvements. When someone dies, the basis of his property receives a "step up" (or, in this economic climate, possibly a "step down") in basis. The basis is adjusted to the fair market value of the property on the date of death (or alternate valuation date if elected by the executor of the estate). The difference between the new basis and the sale price becomes a capital gain (or loss) and is taxable. For example, let's say Uncle Bill buys a plot of land for $1000. When he dies, he leaves the land to you. On the date of death, the land was worth $5000. Later, you sell it for $6000. Your capital gain is $6000 - $5000 = $1000. You pay taxes on the $1000 capital gain. Another example: Same as above, but the value of the land dropped to $500 on the date of his death. You sell it for $6000 a few years later. You have a capital gain of $6000 - $500 = $5500. You pay tax on $5500. For this reason, it is very important to get an appraisal of the value of the land as soon as you can after the former owner dies. Many people inherit joint property or otherwise inherit property without a formal probate proceeding and have no idea what it is worth. Years later when they want to sell, they face the difficult and very expensive task of trying to get a retroactive appraisal for property for a date in the distant past. Get a copy of the appraisal records for the property and keep it until after you have sold.
What is land revenue?
Land revenue refers to all of the income earned from the land. This generally involves crops being grown on the property and sold.
What does Deeded Lot mean?
A deeded lot is given to another person and is now owned by that person
What is deeded land?
Deeded land is land transferred by means of a deed.
What is the difference between recorded land and deeded land?
Deeded land has a legal owner of the land, with a deed to prove ownership. Recorded land is on record at the land office, but it is not necessarily deeded to anyone.
What are deeded acres?
owned land
People who settled land not deeded to them?
pioneers
Who gets farm land if father dies and land was deeded to both father and aunt?
Your aunt.
If you buy a house and the land is deeded do you own the land?
Yes. In fact, you are actually buying the land and the house is attached to it.
What is the difference between allotted land and deeded land on an Indian Reservation?
See the "Dawes Act" on Answers.com The Dawes Act divided reservation land amongst individual tribal members. The tribal member could sell the land. Deeded land on a reservation is land that the tribal member sold.
What is the definition of deeded land?
Deeded land refers to real property that is owned outright by an individual or entity, with legal ownership evidenced by a deed or title. This means that the owner has full control and rights over the land, which can include selling, leasing, or transferring ownership.
Father in law did quick claim deed after his 1st divorce and left it to his 3 kids does second wife of 10 years have right to inherit half of land upon his death even thou quik deeded befor married?
If your father-in-law QUITCLAIMED his property to his three children and the deed was recorded in the land records before his death then his widow has no rights in the property. It was not in his estate when he died.
How do you find fair market value of land that was deeded to son from father six months before father died?
You should consult with someone who does real estate appraisals.
Is Native Title the same as Land Rights?
No, a "Native Title" (generally speaking) is a "First Title" to land that has not before been titled (or deeded) - Treaties were the first "Native Titles" - IE: Paper rights to land ownership. Land Rights (generally speaking) is a set of rights that are incumbent upon land ownership.
