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dberner · Joined: 23 Jun 2011 Posts: 4 1.59 Dollars($)

My Spouse and I own 20 acres of land that was given to us by his parents they sold it to us for $1.00. Part of his inheratance. We are looking at selling 10 acres of this land (farm Land). We are keeping the 10 acres with the house on it. Is there anyway of getting around paying taxes on this 10 acres. We are looking at selling it for 25k. Looking at using the money for a Medical Surgery. But if we are going to be taxed like crazy on it...It won't be worth us selling it. Please HELP...Need to know how much taxes we wil have to pay and if there is any way around them.

dberner · Joined: 23 Jun 2011 Posts: 4 1.59 Dollars($)

Can anybody help me with this questions listed above

smithsussane · Posted: Thu Jun 23, 2011 9:24 pm Post subject:

Hi dberner!

Welcome to forums!

You should contact a tax adviser and take his opinion in this matter. You will be liable for paying capital gains tax if you sell off the property and incur profit from it.

Feel free to ask if you've further queries.

Sussane

dberner · Joined: 23 Jun 2011 Posts: 4 1.59 Dollars($)

what percent is the capital gains tax and is there any other taxes we would pay in the state of NE

jerry · Posted: Mon Jun 27, 2011 1:51 am Post subject:

Hi dberner,

You should contact a tax adviser or a CPA and he will better assist you in this matter.

Thanks,

Jerry

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How to avoid Taxes. Husband is Disabled. Own 20 Acres w/ house on it. Selling 10 Acres w/o house only farm ground.

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