What is the name of your state? Louisiana
My mother died in 2001 and left to me 40 acres of land. It was, at one time timber land, however, she had the timber cut over ten years before her death and never replanted. So it isn't farm land and hasn't generated any income. I am about to sale it for $37,500.00. I'm pretty sure it has not appreciated since her death. Will I be required to pay a capital gains tax on the money? Since no land in the vicinity has been bought or sold in many years and there was a question about the land's apprasial. My realtor started out asking $13,000.00 for it but I settled for less than a thousand an acre.
My mother died in 2001 and left to me 40 acres of land. It was, at one time timber land, however, she had the timber cut over ten years before her death and never replanted. So it isn't farm land and hasn't generated any income. I am about to sale it for $37,500.00. I'm pretty sure it has not appreciated since her death. Will I be required to pay a capital gains tax on the money? Since no land in the vicinity has been bought or sold in many years and there was a question about the land's apprasial. My realtor started out asking $13,000.00 for it but I settled for less than a thousand an acre.