[Homestead] Help on buying and selling land
genegerue at ruralize.com
Wed Feb 9 12:23:40 EST 2005
>How do I minimize the taxes I have to pay(legally) if there are any?
>Some articles I've read claim the inherited amount is the fair market
>value at the time of inheritance and selling it for that would produce
>no additional income.
Clint, you should talk to a CPA about tax questions regarding inheritance
and sale of property. There are many issues.
When we finally move, sell our house and take the money we've made from the
house is there a way to reinvest it into the property we will
>hopefully have by then?
Taxes on profit are likely a non-issue. If you have lived in your home for
two of the last five years, you don't even have to report the sale to the
IRS. For a married couple, the first half-million dollars of profit is
tax-free. This is the greatest gift to home owners I have ever seen, and
should be taken advantage of.
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