AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question Hi - I read your response to Sandy, and wanted to as a similar question: Specifically - If the state transportation dept. procures part of my property under eminent domain law (I keep my home and part of the property and they take 12 acres) to build a controlled access entrance to a federal military installation from a controlled access interstate highway, (A) Do normal cap gains apply, and (B) can I use their appraisal as cost basis? Thank you.
Answer Chris,
Thanks for your question.
If you sell your home within two years, you can exclude the gain on the sale if the entire parcel (up to $500,000 married filing jointly).
If you buy replacement property costing at least what you sell the 12 acres for, you can postpone the gain.
If none of these apply, the gain is taxed as a long-term capital gain if held over 12 months.
Your cost basis is what you paid for the property, not its current value.
