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If I inherited property approx. 6 years ago and are not ...
Sent to Tax Experts April 18 06:15 PM

If I inherited property approx. 6 years ago and are not selling my interests in the property to the other owners, how can I get out of paying capital gains. The property was a ranch. I currently own my own home so I not sure if I should sell my home and purchase other one so that I wouldn't have to pay capital gains or would I still have to pay them. Or can I open a business with the money?

Customer (name blocked for privacy)
Status:  Closed   Value: $8
Info Request
April 18 6:19 PM (3 minutes and 28 seconds later)
         
REPLIED to Info RequestCheck Mark

Is this property used for business? or investment? Do you consider living on the ranch? How big is the appreciation for these 6 years?

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LEV -- Tax Preparer -- 99% Positive Feedback on 4592 Tax Accepts
Taxes, Immigration, Labor law
Reply
April 18 6:22 PM (2 minutes and 54 seconds later)
         
Reply to Lev's Post: It is a working ranch, I have receive income from the property approx $3000 per year. The ranch is owned by 5 parties and is not subdivided so only one owner lives on the property. The appreciation is I received the proeperty when it was valued at 2.3M now it is valued at 8-10M.
Customer (name blocked for privacy)
Answer
April 18 6:36 PM (14 minutes and 17 seconds later)
         
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LEV -- Tax Preparer -- 99% Positive Feedback on 4592 Tax Accepts
Taxes, Immigration, Labor law
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