My father died a while ago and our family have a few decisons to make related to the "assets" iin the family. They have a property which is very very good (worth alot) and we can either sell or keep it so it remains in the family. If we were to sell it, lets say i would be wealthy, OR i could take on the farm and battle for the next i dont no how long BUT at least it is still in the family. Also i couldnt stand the thought of these "snakes" (neighbours) who have been after the farm for years buying it!
So do i take on the farm or sell and live by the beach? what do u think? its a bit more complicated than that but thats what i basically need to decide.
2006-09-19 16:39:32 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I've seen the same delema time and time again. Don't advertise it for sell locally. Get it listed some place else. list it a few counties away and don't put up a for sell sign. Let the locals think you are not sellling. Subdivide the farm and sell off lots.
That will piss them off. You will get more out of it. and you can move away from the snakes. Good luck.
2006-09-19 16:47:09 · answer #1 · answered by john d 3 · 0⤊ 1⤋
It's a hard decision to make.
One thing that you might think about is keeping it and leasing it out. You would see an income from it and still have the farm.
If it's worth that much, maybe you should speak with an accountant and have them crunch some numbers.
See what you might realize if you lease it, and what taxes you might be looking at.
Or how much you would make and have to pay in taxes after the sale. I'm pretty sure you would be hit pretty hard on taxes after selling it.
2006-09-20 00:09:07 · answer #2 · answered by echo 7 · 0⤊ 0⤋
Talk to a tax attorney ASAP. Whether you sell the farm or keep it, you are going to be liable for the taxes on that inheritance. Right now the "death tax" has been greatly reduced but it all depends on how much you are talking about. Get a professional involved quickly.
2006-09-20 00:11:11 · answer #3 · answered by troythom 4 · 0⤊ 0⤋
First you have to figure out which means the most to you, then which one can you afford to keep. What about the rest of the family? Does anyone else want one or the other? If so have them buy the rest of you out. If you are in need of money then sell one and keep the other. I hope this helps alittle.
2006-09-19 23:48:24 · answer #4 · answered by n1spshell 1 · 0⤊ 0⤋
Land is the best thing to have once it is gone it is gone. Money can always be made back.
Depending on your circumstances I would try to keep the land as long as possible. If it is a big parcel you may be able tosplit the parcel and sell it and keep the other part.
2006-09-19 23:46:10 · answer #5 · answered by chrissean 1 · 0⤊ 0⤋
You can do a lot of things, but the one with the most $ speaks the loudest. If you want to preserve a "family heritage" because the farmland is 100 + years old, then develop a portion of it and make another portion a memorial park to your family's memory.
2006-09-19 23:44:03 · answer #6 · answered by John G 1 · 0⤊ 0⤋
Sell it.
That you are even considering selling it indicates that it doesn't mean the world to you. If it has strong sentimental value, you should keep it - for your sake. But otherwise, sell it, and buy something else to "keep in the family" that means smething to you.
2006-09-20 02:08:29 · answer #7 · answered by J. C. 6 · 0⤊ 0⤋
It depends on what you want to do.
2006-09-19 23:51:04 · answer #8 · answered by tootles 2 · 0⤊ 0⤋