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southwest minn | 1. Many states tax land rent if land located in that state. Check state laws.
2. If sold - sale price minus d/o/d appraised value = US taxable income tax at capital gain rates. May be taxable also in state where located. If audited, you must prove d/o/d value deducted. If sale not reported, big penalties and interest if found out by government.
3. 1031 usually works in states as well as US. Check state law.
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The cap gain tax from below
