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So we bought land for 51K- It is 21 acres but only about 2-3 acres is useable. All we really need anyhow.
The rest is on the other side of the county road. And only an old access road going thru some criminals property is the way to get there. These criminals are also blocking BLM land via a gate. They are growing pot and doing it on our property. I hear they are finished for winter but still... I called the BLM Ranger who also has law enforcement powers. Problem is the property is owned by 23 people sand it appears nothing will be done. An easement road used for 100+ years runs thru it to other folks property..who were also denied access to their own land. and BLM land. It is an unrecorded easement road.
I told my husband we have to sell the land. We consulted an attorney, our close friend, who said it's a hit and miss to take it to court. Criminals don't often comply w/ court orders.
I've done alot of research but don't see an exemption regarding capital gains if we re-sell. Our land was on the market in 2005 for 204K. We want to put it on the market for $125K. We bought for $50K. And tell the truth about the land access. There really is none unless you LOVE to hike
We ALSO bought land about 12 years ago and are now enduring a loss selling it for about half of what we bought it for. Can this loss go towards our gain in profit??
To avoid Capital gains, we must live for 2 years on the land as our primary residence. This his is an intricate question with many variables... so i don't expect someone to know ...I have nothing to loose by throwing it out there....We will likely eventually consult our accountant but that costs $ . FTR, my HSA is maxed out by my employer contributions so cannot divert $ there and I'm not interested in a Roth
We are in the 15% tax bracket at the moment. So very low income. We are also pre-qualified for a 200k loan to buy another home. I thought we could just buy then re-sell but apparently living in it 2 yrs is the way to go
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The rest is on the other side of the county road. And only an old access road going thru some criminals property is the way to get there. These criminals are also blocking BLM land via a gate. They are growing pot and doing it on our property. I hear they are finished for winter but still... I called the BLM Ranger who also has law enforcement powers. Problem is the property is owned by 23 people sand it appears nothing will be done. An easement road used for 100+ years runs thru it to other folks property..who were also denied access to their own land. and BLM land. It is an unrecorded easement road.
I told my husband we have to sell the land. We consulted an attorney, our close friend, who said it's a hit and miss to take it to court. Criminals don't often comply w/ court orders.
I've done alot of research but don't see an exemption regarding capital gains if we re-sell. Our land was on the market in 2005 for 204K. We want to put it on the market for $125K. We bought for $50K. And tell the truth about the land access. There really is none unless you LOVE to hike
We ALSO bought land about 12 years ago and are now enduring a loss selling it for about half of what we bought it for. Can this loss go towards our gain in profit??
To avoid Capital gains, we must live for 2 years on the land as our primary residence. This his is an intricate question with many variables... so i don't expect someone to know ...I have nothing to loose by throwing it out there....We will likely eventually consult our accountant but that costs $ . FTR, my HSA is maxed out by my employer contributions so cannot divert $ there and I'm not interested in a Roth
We are in the 15% tax bracket at the moment. So very low income. We are also pre-qualified for a 200k loan to buy another home. I thought we could just buy then re-sell but apparently living in it 2 yrs is the way to go
.
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