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 - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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