All Forum Posts by: Les Tindell

Great success story. We are trying to do the same on a 46 acre place. In the event that only one lot would have sold, how would the capital gains taxes be calculated? Would you have any knowledge or expertise on the following transaction? We purchased 46 acres with a house... purchase price was about $167k. If we sell the house and 5 acres for $95k, how would the capital gains be calculated if I keep the remaining acres?

We are selling a rental property that we used to live in... Our original purchase was $36,000 back in 1994. We lived in the house from 1994 until 2010. It has been rented out for the last 5 years. We are now ready to sell. The market will probably be in the $85,000 range. My question is: how do I determine the capital gains for this coming year? Will it be ($85,000 - $36,000) * 20% ? Are there other factors that I should consider? Thanks LT

We just purchased a small ranch (46 Acres) in Texas with the intent of dividing and re-selling.   The ranch is conducive for dividing because it has about 2500' of highway frontage.  My goal is to divide it as follows:

1.  15 Acres and a Pond

2.  26 Acres, Two Barns and Corrals

3.  5 Acres, House, Small Orchard

My question is:  If I sell them separately, how are the capital gains for each piece calculated?