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.
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