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Posted by nebo-- on January 25, 2008, 5:43 pm
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I have a question about how to benefit the best from the sale of
tangible and intangible property. My wife sold trees and right of way
(easements) for $15,000.00. Is there a way to reduce the amount of
tax we will have to pay on that by, say gifting the proceeds? Not as a
charity gift but either a spousal or children gift of the proceeds.
Thanks for any help anyone may or may not be able to provide me.
nebo
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Posted by Bill Brown on January 25, 2008, 6:39 pm
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On Jan 25, 5:43 pm, neb...@excite.com wrote:
> I have a question about how to benefit the best from the sale of
> tangible and intangible property. My wife sold trees and right of way
> (easements) for $15,000.00. Is there a way to reduce the amount of
> tax we will have to pay on that by, say gifting the proceeds? Not as a
> charity gift but either a spousal or children gift of the proceeds.
Sorry, but no.
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Phil Marti on January 25, 2008, 10:48 pm
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>I have a question about how to benefit the best from the sale of
> tangible and intangible property. My wife sold trees and right of way
> (easements) for $15,000.00. Is there a way to reduce the amount of
> tax we will have to pay on that by, say gifting the proceeds?
For future reference, by the time you're looking at a transaction in the
rear-view mirror, it's usually impossible to affect the tax treatment of it.
The time for asking these questions is before you act, not after.
Your wife may want to work with a tax professional to make sure that she
correctly determines her taxable gain from these transactions.
--
Phil Marti
Clarksburg, MD
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Benjamin Yazersky CPA on January 28, 2008, 9:47 pm
Please log in for more thread options On Jan 25, 5:43 pm, neb...@excite.com wrote:
> I have a question about how to benefit the best from the sale of
> tangible and intangible property. My wife sold trees and right of way
> (easements) for $15,000.00. Is there a way to reduce the amount of
> tax we will have to pay on that by, say gifting the proceeds? Not as a
> charity gift but either a spousal or children gift of the proceeds.
> Thanks for any help anyone may or may not be able to provide me.
>
> nebo
>
> --
After the transaction is completed, it is what it is.
Planning is done before the transaction is completed, with your CPA/
taxadvisor & attorney.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
"This written advice was not intended or written to be used, and it
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may be
imposed on the taxpayer."
(The foregoing legend has been affixed pursuant to U.S. Treasury
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governing tax practice.)
The information transmitted is intended only for the person or entity
to
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Martin Golding on January 28, 2008, 9:54 pm
Please log in for more thread options On Fri, 25 Jan 2008 17:43:00 -0500, nebo-- wrote:
> I have a question about how to benefit the best from the sale of
> tangible and intangible property. My wife sold trees and right of way
> (easements) for $15,000.00. Is there a way to reduce the amount of tax
> we will have to pay on that by, say gifting the proceeds? Not as a
> charity gift but either a spousal or children gift of the proceeds.
> Thanks for any help anyone may or may not be able to provide me.
You say "trees and easement". Hopefully, you know how much for
which. Presumably, you didn't sell the whole property. Unless
your basis is less than the price paid for the easement, all
you have is an adjustment to basis. When you sell, your capital
gains (if any) will go up by the amount of the easement. (If you
DID buy the property for less than you got for the easement,
the _difference_ is capital gains now, and your basis when you
eventually sell will be zero).
I have no recommendation for the tree income. You might be
able to treat it as capital gains and deduct the original
purchased value (or installation cost) of the trees,
but timber rules are extensive and specialized. Unless it's
large enough make it worth seeking out a professional, I'd
treat that part as ordinary income.
Martin
--
Martin Golding | When it comes to finances, remember that there are
DoD #236 | no withholding taxes on the wages of sin. (Mae West)
fogobum@comcast.net Vancouver, WA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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