If you lived there 2 of the previous 5 years any profits from a sale would be exempt from taxes up to $250k for a single person and $500k married filing jointly.

So for these locations, leasing to a car lot is a “tax payer”; no cash flow just enough rent to cover the insurance and property taxes and perhaps a moderate loan service.  

Do you know how to claim various safe harbors (de minimis, small taxpayer, etc).

Allowing you to take the first $250k ($500k if married) of the gain tax free.

I took a married tenant and turn them into an owners and now on to an investor with their first Duplex.  

If a full scope appraisal showing the land value was not completed during the purchase process, taxpayers may consider the following options:Rely on the county tax assessor’s allocation: A taxpayer can review their county tax assessor’s property allocation, which usually provides an assessment of land and improvements based on the county’s guidelines.

Alfred never married so we check to see about surviving parents.

I went against my better judgment and rented to a non-married couple. 

Since you've lived in the apartment since 2007, you likely won’t be hit with any capital gains taxes as long as your profit is under the IRS exclusion limit ($250k for single filers or $500k for married couples).

Can someone from the group clarify if you can actually own the land besides marrying a Indonesian?