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taxes on land sale
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Posted by centmo on September 28, 2006 at 14:19:25 from (204.185.222.253):
My parents are approaching 90 years old and called to say they were thinking of selling their farm. The farm is located in Misouri and is a little over 250 acres. They have several men in the area interested in purchasing the land. They have had it appraised and would sell it at that value. I know they will have to hire a lawyer to handle the sale but can anyone give me an idea what the tax liability would be on a sale in the amount of $450,000. Would there be other ways to sell the land and not get hurt from a lot of taxes? Thank you!!!
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