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Re: taxes on land sale
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Posted by Dave Sherburne NY on September 28, 2006 at 18:03:59 from (74.32.126.32):
In Reply to: taxes on land sale posted by centmo on September 28, 2006 at 14:19:25:
As stated below there is an exemption for people over 55 who sell their homes. There must be a very expensive home on this farm, and the rest of the farm probrobly isn't worth much. I think the seller gets to appraise the house and the rest of the farm. You can get away with a very high appraisel for the house portion as long as it isn't to unrealistic which will be exempted from taxes, but on the rest of the farm there will be capital gains which are offset by whatever has been invested in capital improvements. That said, GO SEE SOMEBODY WHO KNOWS WHAT HE IS TALKING ABOUT. then report back to us with the right answer.
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