i need a tax accountant to read this please,, CAPITAL GAINS TAX???
i am selling my farm property and i would like to know if i have to pay capital gains tax in the state of michigan? it is 56 acres and i have to pay the ex wife 50,000 dollars for divorce settlement, any info would be appreciated,,
thank you
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Sounds like this guy can help you: http://answers.yahoo.com/question/index;_ylt=AsNRYTzV1Pr1qmk68hMO.6Xzy6IX?qid=1006032200336
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you did not say what you paid for it, nor did you say what you are selling it for. no way to answer your question except with a general answer. if you had a gain, then you have a tax to pay. the divorce has nothing to do with the tax.
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If you have lived on the property at least 24 months in the last 5 years, you can take a 250K exclusion on your federal taxes. I do not know if you will have to pay a state capital gains tax. How much are you selling the property for and how much did you pay for it?
References :
I can HIGHLY recommend Turbottax for this question and ALL your taxes. It will print out all the paperwork for you and you can even send it in online instead of mailing it.
http://www.turbotax.com/
I am self-employed and have about four or five forms to fill out and it does them all for me perfectly.
It walks you through it and answers all your questions and asks all questions such as "Did you sell any real estate this past year?" It then asks what you paid and what you sold it for. You can answer Yes and see what it does ,if it puts in any amount you have to pay. This is one great thing about it. You can try different things and dollar amounts and watch and see how it affects how much tax you have to pay. Then you can go back and change it and try some other amount.
You can download it online for $20.
I can't do my taxes without it at all. Been using it for years and do mom's taxes with it too.
You can also buy it in office supply stores like Staples and Office Depot. It is SO worth the $20!
References :