In the transaction between your Father and yourself how was the IRS involved before the sale? Someone must have contacted the IRS. Land is considered a non capital asset and loss or gain from sales of land are reported on form 4797, if there is no attempt to report a loss how will the IRS know the land has been sold? Granted, we don't live in a free country anymore but the IRS does not have the resources to track every private transaction conducted in the USA, yet.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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