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Tractor Talk Discussion Forum

Re: Maybe best deal of my life; Missed by 1 day!

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Ray

05-02-2013 17:50:59
70.61.255.170



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The IRS wouldn't let a sale like that go through.
You can sell to a son,daughter what the IRS calls arms length at a reduced price,but not that much.They know what the property is worth and how much taxes it represents.When I bought dads farm the IRS set market value and a bottom he could sell it to me for.You can put it into a trust to convey to the next generation,but not sell at a lowball price.

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LAA

05-02-2013 19:01:14
86.98.90.42



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 Re: Maybe best deal of my life; Missed by 1 day! in reply to Ray, 05-02-2013 17:50:59  
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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Ray

05-02-2013 19:22:35
70.61.255.170



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 Re: Maybe best deal of my life; Missed by 1 day! in reply to LAA, 05-02-2013 19:01:14  
There's tax issues involved with every sale,and any accountant will know what the IRS will accept in a transaction.Several years ago before ground got so high dad was going to sell me his 180 farm in ohio for 500 per acre and had an appraisal for 750 per acre.1200 was the lowest the IRS would accept in a family sale.



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LAA

05-02-2013 21:02:08
86.98.90.42



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 Re: Maybe best deal of my life; Missed by 1 day! in reply to Ray, 05-02-2013 19:22:35  
There is no tax issue in a loss unless the person taking the loss chooses to use the deduction, that was my point, people are free to selll at their own price, the exception would be avoiding estate tax and selling cheap after a death and even then the issue would come up after the sale if no one made inqueries beforehand.



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da.bees

05-02-2013 19:55:02
72.181.183.240



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 Re: Maybe best deal of my life; Missed by 1 day! in reply to Ray, 05-02-2013 19:22:35  
Quoting Removed, click Modern View to see

Forgitabotit Ray. Noone in this conversation sold anything to thier kin folks. A crooked realestate agent help her kin cheat a cliant. There should be a law but there's not. Happens every day.



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