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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...
Yes this could be possible when the state has a sales tax on the sale of land. On your federal income tax return 1040 schedule D or 4797 yes you would report the sale of the land and if you have a capital gain could have to pay some income tax on the amount of the capital gain.
Sure, if you have a profit on the sale you will have to report it as well as your basis and the dates purchased and date sold. This is reported on Schedule D for most people unless you are in the business of buying and selling property, then it will need to be reported on Schedule C.
Land cannot be depreciated.
Land revenue refers to all of the income earned from the land. This generally involves crops being grown on the property and sold.
An inheritance tax is a tax on the money that someone receives from a deceased who has left them money in any form; this includes: federal cash, land, any physical property other than land.
get get some of the ranch
no
Larkspur ranch is 1000 ace-rs of land owned by Missy and Joe Hinson, a real working horse ranch in SC.
yes
Levi
Huge expanses of farm or ranch land.
"Inheritance cash is just like any other inheritance, except it's money as opposed to land or a house or other assets." An inheritance is something that is left to you by a family member who has passed away. Inheritance cash is just the money form of an inheritance.
Property, land, farm, ranch
Federal Land Office was created in 1801.
devided the land between sons
fyrtyyuu