Quote:
Originally Posted by Blingy
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So you're saying TurboTax fucked up? She inherited a piece of land that's in the middle of nowhere; not worth diddly to any type of developer. However the mineral rights are worth a fair amount. According to TT she needed to send in a big chunk of cash to cover capital gains.
TY for the heads up. I'll tell her to go bug either a CPA or tax attorney.
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The IRS views the profits from the sale of mineral rights as a capital gain, not income.
I know nothing this is a paste.