Posted by Goose on June 10, 2012 at 08:48:17 from (174.254.240.81):
My sister and I each own an undivided half of the family farm. My house is entirely separate from the farm, though it abuts one end.
For estate purposes, our attorney (my wife's and mine, not my sister's) has been bugging me to divide the farm. Only how can you fairly divide a farm with a farmstead, with the house rented, on one end, 40 acres of timber on the other end, and odd shaped fields in between? The logical answer is to sell it and split the money. Our attorney responded that from a capital gains standpoint, that might not be the best answer, although that comment was made in a social setting where we didn't have the opportunity to go into detail.
When my sister had her taxes done this spring, her CPA asked her if we'd considered selling the farm, and suggested we would come out better on the point of capital gains if we sold the farm on contract, rather than an outright sale.
I'm aware that you can ease the capital gains on an outright sale by immediately re-investing in like property, but I'm not sure what all qualifies as "like property".
Just wondered if any of ya'll had any input, pro or con, to a contract sale. I'm thinking in terms of a 10 year contract. Kinda hate to sell the place as it's been in the family for 109 years, but--time marches on, and selling it would open up a new set of options for investments, etc.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Ford Part Number Trivia - by Forum Participants. "Replaced by" means the part was superseded. All of my part books date back to 1964 and New Holland have changed some part numbers. They usually put the old Ford part number on the package. I was suppressed when I looked up the part number of the auxiliary drive shaft because for some reason the part number went through a radical change and it lost its "Basic Part Number". Ford part numbers follow the following rules. Most part numbers are in three parts. The middle part is called the
... [Read Article]
Latest Ad:
For sale Farmall super A tractor is complete and has just been setting for awhile,it was running when pulled out of the barn,shouldn’t take to much to get it going asking 1100.00
[More Ads]
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.
