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Posted by Sandra Loosemore on October 14, 2007, 9:31 am
> I went into a joint venture with my brother on a land purchase about
> 15 years ago. We bought 200 acres for resale. It was cheap because it
> did not have access. The plan was to buy the access to the land and
> then buy the land which we did. Since it was my idea and i knew where
> the land was my brother agreed to put up all of the money and we would
> split the profit 50/50. To protect his investment we agreed to put the
> land in his name only. After we found a buyer he got greedy and
> decided to try and keep it all himself. It ended up in court and we
> are just now settling our dispute. In the settlement 80 acres are to
> be transfered to me. Now I have someone that wants to buy my 80 acres.
>
> Can I claim capital gains on the sale of this land since i had a joint
> venture interest in it for the last 15 years? The joint venture
> interest has been filed at the clerk and recorders office all this
> time.
Er. Isn't this a question for your attorney or tax professional,
instead of random people on the internet? For one thing, the
situation sounds complicated enough that a definitive answer probably
requires being familiar with all the details of the case. For another
thing, when you ask for free legal help on the net, the answers you get
are often worth approximately what you paid for them. :-P
-Sandra the cynic
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