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fredericksburg, va | Let's say I live in Va and inherit a farm in Il. I then rent it to a Il farmer. He then mails me my rent ck. Of course I will include it on my tax return (in Va) as income. How does Il expect to receive any income tax????
Let's say I kept the same farm for 10 years . I then sell the farm for a 100.000 profit (difference between value at inheritance and sale price.). This they may be able to tax as the sale price would be recorded at county courthouse. However the value at inheritance isn't known to them, is it?
Wouldn't 1031 only apply to Federal income tax. ??? | |
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The cap gain tax from below
