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How To Avoid Tax Implications While Selling A Farm In Texas

When a person goes selling a farm or ranch, he is liable to a capital gain tax to be paid to the state. The tax price is a percentage of the amount of profit he makes upon sale.

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How To Avoid Tax Implications While Selling A Farm In Texas

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  1. How To Avoid Tax Implications While Selling A Farm In Texas

  2. When a person goes selling a farm or ranch, he is liable to a capital gain tax to be paid to the state. The tax price is a percentage of the amount of profit he makes upon sale. This can be very heartrending thing while selling the property you have cherished for years. The last thing you may want to welcome can be a loss in your wealth. Not everyone will tell you this but there are ways one can avoid tax implications upon selling a farm in Texas.

  3. Consider financial tools like IRC 1031 and Charitable Remainder Trust to dodge Tax Implications on selling a farm in Texas

  4. With the 1031 tool you divert the liable tax attention to the purchase of another property of the same price or more as of your farm, and not have to pay the tax.

  5. By using Charitable Trust tool, a person assigns his farm to a trust with the benefit of receiving lifelong passive income along with tax deferral.

  6. Another less common way is by proving the property is also used as a primary residence for minimum five years, in order to avoid tax on capital gain.

  7. These are a few of the ways you can use, although it is advisable to seek help from a professional.

  8. Consult a financial advisor, someone like Chris Nolt of Solid Rock to Guide you along this with his expertise gained over 25 years in the field. Contact now!

  9. PHONE: 406-582-1264 FAX: 888-204-1256 EMAIL: CHRIS@SOLIDROCKPROPERTY.COM MONTANA OFFICE: 2020 CHARLOTTE STREET BOZEMAN, MT 59718

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