jaiwalking
Junior Member
Texas.
Okay, in May 2007 my grandmother sold a portion of some land she had inherited from her grandfather in the 60s.
She sold it for $350,000. We had no selling expenses at all.
We were told that she may have to pay a capital gains tax of $53,000!!
Her only income is the $900 or so is gets from social security each month. She's widowed and has some major medical expenses coming up and she wishes to put my sister and I though university.
Why does she have to pay so much in TAXES? Is there a way to get around paying that much?
This doesn't seem right...
Please, any advice/comments would be greatly appreciated.
Okay, in May 2007 my grandmother sold a portion of some land she had inherited from her grandfather in the 60s.
She sold it for $350,000. We had no selling expenses at all.
We were told that she may have to pay a capital gains tax of $53,000!!
Her only income is the $900 or so is gets from social security each month. She's widowed and has some major medical expenses coming up and she wishes to put my sister and I though university.
Why does she have to pay so much in TAXES? Is there a way to get around paying that much?
This doesn't seem right...
Please, any advice/comments would be greatly appreciated.