| Conan the Farmer - 1/26/2019 13:44
No, do not know the location. Assumption based off the appraiser using a 3 cap for income approach, $225 NOI/gross acre on $7,500 value. Likely crop rent grosses $270 before property tax, management, and efficiency whittle it down to the $225.
It’s not a low rent area or he would have never had that $9,000 valuation. It’s not a development area or he wouldn’t have seen a decrease in value.
+1 on this. On 540 acres she should be able to get around $100k/year in rent. That should come close to paying $300/day nursing home care. She should be able to get pretty much all of that tax free by deducting the medical expense of the nursing home.
If you do decide to sell yes no capital gains there either. Would sell at a loss. |
Teach me about Capital Gains Tax and selling land to pay for nursing home
