Posted by ss55 on November 27, 2012 at 15:29:33 from (173.31.19.80):
In Reply to: Land sale taxes posted by Seia on November 27, 2012 at 14:16:29:
There are many factors to consider when selling land. Federal capital gains taxes are now at an all-time low of 15%, down from 20% to 30%. Land prices are at all-time highs. Farm income is expected to be at an all-time high due to high grain prices and big crop insurance payouts. Based on that, land prices should continue to rise, but our do-nothing congress has not passed a farm bill yet, that could affect future farm incomes and land prices.
Your best choice is to talk to a tax accountant from your area to find out what your state and local taxes really are. Don't believe everything you hear in the cafe, bar or internet, take the time to talk to a professional.
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Today's Featured Article - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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