If you are thinking about selling a farm, land, or any commercial or industrial property, you might consider a Section 1031 Tax Deferred trade. In 1971, when I bought my farm in George, good land was selling for $500 an acre. I recently sold a rill irrigated farm for $17,000 per acre! During the years, the owner added improvements, took depreciation etc. and has a tax base that the IRS will use to determine THE BASE VALUE and taxable gain for any sale. This may be in the seller’s interest, but they have options of trading and not experiencing such a shocking tax.
You may want to trade up to one of the many better possibilities. As a State licensed 1031 Facilitator, I can point out many possibilities, based on my experiences over the past 25 years. I use the services of top tax preparers to make sure my forms are correct and filled out properly. My real estate career since 1972 helps me, as well as 20 years in farming.
Call Jim Weitzel, 750-9534, cell number or 754-2179, my number as Designated Broker, at Gary Mann Real Estate of Central Washington. I’m proud to say my son Randy, is my partner Facilitator, His cell number is 750-8948. We can explain the possibilities and process in a brief meeting, call us.