Tractor Talk Discussion Board |
Re: taxes on land sale
[ Expand ] [ View Replies ] [ Add a Reply ] [ Return to Forum ]
Posted by paul on September 28, 2006 at 21:39:55 from (66.44.132.109):
In Reply to: taxes on land sale posted by centmo on September 28, 2006 at 14:19:25:
Lots of elderly farmers rent out their land, and let the land pass on to their heirs upon death. At the current time (and these laws change every few years, nothing in stone) the heirs get to 'recieve' the land at current basis. Then the heirs can sell it and owe very little capital gains. This assumes the county will not take the land as payment for old home, etc. (They have other assets that cover old age expenses.) Also assumes the hiers are worthy of getting the assets, etc. ;) Many sticky issues with this, but it is _one_ way for _some_ to deal with capitol gains taxes. Otherwise, govt will take the price your folks get for the land, subtract what they paid for the land, and take about 15% of that for the capitol gains tax. As mentioned, there are homesteading deals, and other exceptions, but they generally are minor on farm land. Just general ideas - see a good CPA to help yourself out! --->Paul
Replies:
Home
| Forums
Today's Featured Article -
The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
... [Read Article]
Latest Ad:
Oliver 550 Diesel runs like a watch three point hitch pto engine gone threw about two hundred hours ago nice clean tractor
[More Ads]
Copyright © 1997-2024 Yesterday's Tractor Co. All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V. Yesterday's Tractors - Antique Tractor HeadquartersWebsite Accessibility Policy |
|