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rettaschu
Member
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# Posted: 15 Apr 2015 14:42
Reply
I live on 50 acres. My boyfriend had the frame of a cabin put up before he passed away in 2013. I finished the cabin last year (2014) and am selling it and the property it sits on plus a little. I will have to get separate legal ect. but I am not sure how that will affect my taxes. I may need to ask a tax website but thought I would see if anyone else has done this and what the implications are or how their experience was.
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MtnDon
Member
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# Posted: 15 Apr 2015 14:52
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Check with your county. Where I am there are special requirements when spinning off small parcels of land. Access rights of way, etc. etc.
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bldginsp
Member
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# Posted: 15 Apr 2015 19:52
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Profit made on the sale may be taxable since you did not live there. You can deduct costs of improvements, called cost of basis, if you saved all your receipts.
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rettaschu
Member
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# Posted: 17 Apr 2015 17:18
Reply
Thank you
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