Comments on: Can you defer or break up tax payments on the proceeds of the sale of land.? http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/ Thu, 09 Feb 2012 00:02:39 +0000 hourly 1 By: jpr302001 http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/comment-page-1/#comment-259 jpr302001 Fri, 06 Nov 2009 19:14:07 +0000 http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/#comment-259 I'm not convinced that you actually owe taxes. In fact, you may be able to take a loss. If she didn't own it before the sale date, then her "cost basis" would be the value as of the acquisition date, which is going to be the same as the market value so the gain is zero. Was this a gift? If so, then different rules apply. You should seek professional advice from a CPA I’m not convinced that you actually owe taxes. In fact, you may be able to take a loss. If she didn’t own it before the sale date, then her “cost basis” would be the value as of the acquisition date, which is going to be the same as the market value so the gain is zero.

Was this a gift? If so, then different rules apply.

You should seek professional advice from a CPA

]]> By: thebigm57 http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/comment-page-1/#comment-258 thebigm57 Fri, 06 Nov 2009 18:53:25 +0000 http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/#comment-258 You're only allowed to spread out capital losses...not gains. If there was a gain on the sale you need to pay taxes in the year proceeds were received. PEACE! You’re only allowed to spread out capital losses…not gains. If there was a gain on the sale you need to pay taxes in the year proceeds were received. PEACE!

]]> By: Spock (rhp) http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/comment-page-1/#comment-257 Spock (rhp) Fri, 06 Nov 2009 18:24:51 +0000 http://arizonahomelist.com/239/can-you-defer-or-break-up-tax-payments-on-the-proceeds-of-the-sale-of-land/#comment-257 under the circumstances you describe, no taxes are due under the estimated tax rules and final payment rules as described in IRS publications. further, you have the funds to make the payments. you do not have the right to use the government's tax money to invest with or speculate in the markets with beyond what the law already allows. *** the only chances to do that would have required either a 1031 exchange deal [under which you receive no cash but instead another property] or an installment sale of the property [in which you receive less than 30% of the amount due in the first year and regular payments thereafter]. under the circumstances you describe, no

taxes are due under the estimated tax rules and final payment rules as described in IRS publications. further, you have the funds to make the payments.

you do not have the right to use the government’s tax money to invest with or speculate in the markets with beyond what the law already allows.

***
the only chances to do that would have required either a 1031 exchange deal [under which you receive no cash but instead another property] or an installment sale of the property [in which you receive less than 30% of the amount due in the first year and regular payments thereafter].

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