Sweetie
Sep 10, 2005, 01:25 PM
:confused:
We are selling family property (178 acres & a house), to be split between 6 siblings. It will sell between $1 & $1.6 million.
Will we have to pay Capitol Gains on 1/6 of the selling price, or the whole amount?
Will we have to "buy up" to avoid Capitol Gains?
We will be semi-retired and I want to try to find a house in the Northwest for $50,000 to $80,000.
Should I make a full payment in cash or a large down payment with monthly payments, for tax reasons?
Where should I invest the difference, for retirement purposes?
We will be 63 & 60 years old.
We will be getting an offer on the property this week.
Thank You very much,
We are selling family property (178 acres & a house), to be split between 6 siblings. It will sell between $1 & $1.6 million.
Will we have to pay Capitol Gains on 1/6 of the selling price, or the whole amount?
Will we have to "buy up" to avoid Capitol Gains?
We will be semi-retired and I want to try to find a house in the Northwest for $50,000 to $80,000.
Should I make a full payment in cash or a large down payment with monthly payments, for tax reasons?
Where should I invest the difference, for retirement purposes?
We will be 63 & 60 years old.
We will be getting an offer on the property this week.
Thank You very much,