30 Acres Eau Claire County, WI

[wiscwhip]

Thanks WB, I will check them out.

 

[West Branch]

Hope you guys are right! I have been in this game a long time and the IRS can make it fit there profile for Capital gains if they want! Not saying they will, but I would check with a CPA that specializes in this very matter.

Not my specialty but I work with a few that specialize in that area. Should be no issues as long as all the correct forms are filed. Including the gift tax return for the gift of the 10 acres to the MIL, and I think there would be a good chance that no gift tax is owed either.

 

[West Branch]

Thanks WB, I will check them out.

It looks like their website does say MN or WI:
http://www.agstarnorthwoods.com/

 

[shawnv]

And why so cheap on the price? It would be $99,900 if I had it for sale. Looks really good from what I can tell. You are right, it won't last long at that price!

Being I have no money invested in this place nor was I expecting to receive any money this year I'm not looking to squeeze out every penny I can. Land here right here goes from $2400-$3300 an acre and that smaller stuff seems to be closer to $3,000 but I just decided to put at a pretty fair "quick sale" price on it. I am firm on price though.

 

[shawnv]

It looks like their website does say MN or WI:
http://www.agstarnorthwoods.com/

AgStar would be the rec land lender to go with. I believe their 30yr is 5.5% and I think with them you can get by with a little lower downpayment.

 

[shawnv]

Not my specialty but I work with a few that specialize in that area. Should be no issues as long as all the correct forms are filed. Including the gift tax return for the gift of the 10 acres to the MIL, and I think there would be a good chance that no gift tax is owed either.

I'm not gifting the 10 to the MIL, she's paying for it. The total sale after costs should be right at or just below the tax assessed FMV at the date of death (and well under the appraised value). I'm not sure which number the IRS wants though.

 

[wiscwhip]

Never put firm in the listing, always ask $10,000 more and say willing to negotiate! That way you can still get your firm price if you want, or you may find some Sucker that gives you more money!

Hey now! I might just be that "sucker" if I can get momma on board and get the ball rolling on this.

 

[West Branch]

I'm not gifting the 10 to the MIL, she's paying for it. The total sale after costs should be right at or just below the tax assessed FMV at the date of death (and well under the appraised value). I'm not sure which number the IRS wants though.

Sorry, I read and responded to that a little too quickly, the discount from the appraised value would be a "taxable" gift but I am guessing there is a 99% chance no gift tax would be owed. Run the numbers your CPA or EA, and they may even say you are fine with no gift tax return filed.

 

[shawnv]

From what I understand from some reading is that an appraisal is used as the FMV and that rather than being able to claim a capital loss I would have that cleared out by selling to a related person.

 

[shawnv]

Just got a call, an offer is coming in tonight.

 

[wiscwhip]

I haven't got momma talked into it quite yet. :( But good luck either way Shawn. If I'm lucky, my uncle(I love him to death) that I sent the link to might be the one putting in the offer instead of freeloading off my dad for 20 years hunting on his old place before the old man sold it. He had/has plenty of cash to have moved on a place like this for years, but his wife won't let him spend any of his money on such endeavors.

 

[shawnv]

This person I think wants to build too so I would consider any other offers where that wasn't the plan. You have a little time yet and I don't have the offer in writing at this moment.

 

[shawnv]

Another guy is looking at it too today, not your uncle is it?

 

[wiscwhip]

Another guy is looking at it too today, not your uncle is it?

Not unless he snuck up there without me knowing, but I know that wouldn't happen. If he were the one looking, he would have for sure met me in Tomah on the way up(he lives in Elkhorn) to have someone along for a "second opinion".

 

[shawnv]

It's still available. The guy wanted to build there but didn't think he'd have enough $$$ for his house. Another guy looked at it but no written offer yet.