Capital Gains Tax: Sale of farm land
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karlan
Apprentice
Joined: 05 Mar 2004
Posts: 3
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 Posted: 12/27/07 - 10:37 Post subject: |
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| I have just sold farm land which I have inherited from my grandfather. I do not know if I am going to pay a Capital Gains Tax for this. Namely, I am 50 years old, retired and live abroad. I am not a finance expert of any kind so maybe my question sounds silly. Please if you know something more about the issue do not hesitate to write. |
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erroll
Apprentice
Joined: 05 Jul 2007
Posts: 7
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| Posted: 01/25/08 - 22:23 Post subject: |
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| I am not a financial expert as well but I think I do know something more about Capital Gain Tax. I think that you can not avoid paying it even though you live abroad and you are senior citizen. If the money that you have got from the selling the lend you invest in buying another land and you invest into agriculture as well you would be exempt of paying the tax. Since I think that you are not going to do this then definitely you will have to pay the Capital Gain Tax for the sum you have got from selling the property. I wish you all the best and hope that my answer helped you. |
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