Posted by Dan in Houston on March 06, 2008 at 14:40:18 from (38.100.70.66):
In Reply to: What's it worth?? posted by wyod on March 06, 2008 at 11:56:33:
If you are thinking of selling, consider a 1031 exchange to avoid paying capital gains. Basically you find something you want to buy, sell your property through a 1031 agent that holds the funds in escrow, then use the funds to purchase the new property. If you reinvest all the money into like property (raw land for raw land, etc) within 6 months or so, then you don't pay any capital gains. If for some reason you can't find something to buy, you just pay the capital gains that you would have paid anyway plus a few thousand. Not commonly done, but I recently did one with little trouble and a big tax savings. Find an accountant / lawyer / real estate agent that has actually done one and get the details.
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Today's Featured Article - Memories of a Farmall C - by Monty Bradley. When I was a child, my grandparents lived on a farm owned by a Mr. Walters. The crops raised were cotton and soybeans, with about forty head of mixed breed cattle. Mr. Walters owned two tractors then. A Farmall 300 on gasoline and a Farmall C, that had once belonged to his father-in-law, and had been converted from gasoline to LP Gas. Many times, as a small boy, I would cross the fence behind the house my grandparents lived in and walk down the turn row to where granddaddy would be cultivati
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