Re: taxes on land sale

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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