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ncsumd
Guest
I live in NC.
I have a question about taxes I hope someone can help me with.
My wife & I have a 2.7 acre lot worth around 30,000. If we sell this and put the proceeds into another piece of property, do we have to pay capital gains taxes on it? What if we only put half of the 30,000 into another property, and put the other half into savings?
One more question: If my father-in-law gives us $20,000 toward a home, do we have to pay tax on that gift?
Any help will be greatly appreciated.
Thank you,
Michael
I have a question about taxes I hope someone can help me with.
My wife & I have a 2.7 acre lot worth around 30,000. If we sell this and put the proceeds into another piece of property, do we have to pay capital gains taxes on it? What if we only put half of the 30,000 into another property, and put the other half into savings?
One more question: If my father-in-law gives us $20,000 toward a home, do we have to pay tax on that gift?
Any help will be greatly appreciated.
Thank you,
Michael