THINKING ABOUT SPLITTING UP MY FARM

FIREBALL

FIREBALL

Well-Known Member
Most of you know where I live just north of Highland facing I-70 @ the 33 mile marker...I have 15 acres in 2 parcels..The home is on 5 acres. The part that I am thinking of selling is due west to the water rite of way..I had it servayed and the markers are visable..It is committed to a local farmer for 2016..The 1/2 acre (app.) pond has some nice fishing...There is electric and if the new owner wants to spend the money Grant fork city water can be had..I talked to Bond county and a building permit is all that is needed..If some one bought it they could put a camper or moble home on it this year....Most acreage goes 8 to 12 grand a acre--If I decide to sell it I would ask $95000...right now this is just a thought as I am not getting any younger----please feel free to call me or just do a drive by..618 654 5122
 
a few trees and a darn nice pond with fish--zoned farm land but I would think Bond county would like a revenue producing business---could dig it up and put a practice track there---
 
Don't know how long you have owned it, but you might think about the tax implication. If you have a low basis (cost) you could get stuck with a hefty tax on the gain unless you do some kind if "like kind exchange"
 
I am aware of the tax burden---if the original sale had gone through I would have owed 8 grand to the irs---I kind of have that burden figured in to the price---also if I can find compareable land that sold 15 years ago for more than 3500 a acre I could use that as my compareable----bout the 10 of april I give my tax guy my stuff--he loves me--he files electronically on the 15th----been having to make a donation to the feds the last several years-----if I am doing that good how come I am broke most of the time LOL
 
You must log in or register to reply here.




Back
Top