Determining Capital Gains from Rental Property

For 2014 Tax Tips For Year 2014.

LinkBack

Thread Tools

Search this Thread

Display Modes

#1 (permalink)

01-13-2015, 06:48 AM

joeponcho

Junior Member

Join Date: Jan 2015

Posts: 1

Determining Capital Gains from Rental Property

When determining "Capital Gains Tax" on the sale of rental property, the IRS says it is on the Sale Money (or value of the building) minus the value of the Land it is on. How is the value of the land determined? I live in Western NY and sold my property in February.
Thanks,
Joe

Ads

« Dependents and government assistance double dipping | Two States; three questions (MA and AL) »

Posting Rules
You may not post new threads You may not post replies You may not post attachments You may not edit your posts vB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are Off Pingbacks are Off Refbacks are Off

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Capital Gains on Inherited Property	Kev28	Capital Gains	0	11-15-2014 03:54 PM
Super simple capital gains question for a Rental Property..	chazman113	Capital Gains	1	05-02-2014 06:29 PM
Capital Gains Tax on Gifted Property	Jeremy Caldwell Ohio	Capital Gains	5	02-06-2014 04:06 PM
Convert primary to rental property /capital gains?	rocketman7777	Rental Real-Estate	7	03-06-2012 08:00 PM
capital gains on a rental property	conkey	Capital Gains	1	02-07-2012 03:47 AM

» Categories

Ask TaxGuru?

Individual

» Income

» Estimated Taxes

» Capital Gains

» Itemized Deductions

» IRA/Sep

» Rental Real-Estate

» Alternative Minimum Tax

» Filing Requirements

» Sole-Proprietorship

» Medical

» Auto Expenses

» Social Security

» Tax Credit

» Depreciation

» Divorce Tax Issues

» Homeowner Tax

» Multistate

Corporations

» C-Corporation

» S-Corporation

» Limited Liability Company

» Payroll

» Multistate Tax Issues

» Non-Profit Organisation

» Trusts and Gift Tax Returns

Forum for CPAs

» CPA Forums

Financial Planning

» Estate Planning

» Retirement Planning

» Investment Strategy

» Education Planning

» Life Insurance

» Tax News

» Tax Calculators

» Downloads

» Contact Us

» Latest Tax Tips
How can I obtain the IRS 2021 Form W-7 with the...
IRS extends C Corporation filing date to May 17, 2021
Which Taxpayer Qualifies for Advance Payments?
How do you get a "147C Online- EIN Designation Confirmation...
What are the Foreign Earned Income Exclusion for 2019?

» Recent Tax Q&A
No Threads to Display.

» Free Downloads

Latest Files

What Are the Important Highlights Of 2010 Tax Law
EzWagez Payroll System
TurboCASH
AlauxSoft Accounts and Budget
Gas Mileage MPG Tracker