Posted 11/12/2014 15:15 (#4173510) Subject: Giving serious thought to selling land again. Let's talk tax implications??
Southeast Colorado
I would like to evaluate the concept of selling a portion of our land to eliminate all debt. For sake of helping my thought process..............if you paid $500 an acre and now it could sell for $2000 an acre.............what are the potential taxes owed on that gain? Does that amount vary with your income level? There are irrigation improvements on the land that have been partially (mostly) depreciated. Those alone amount to about $200 an acre.
Giving serious thought to selling land again. Let's talk tax implications??
