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In layman's terms, please?
no, it is agriculture land. I've been paying the interest on the note each year, but hardly paying any of the principal at all. My land value has jumped so high that it seems to me it makes sense to sell one of the two fields in order to pay off all the debt, but I'm having a tough time finding information to see if I'm on solid ground with this.
renting it. First on a share basis, but the past 5 years on a cash basis
Can't say off top of my head if it is on Schedule E, but I have been claiming the rent.
to work with this whole thing would I get a tax person in Nebraska, where the land is or can a MA tax person find the info too?
I just got my new tax valuation and the 2011 tax on this tract has gone from 189675.00 to the current level of 235980.00. the ag land is taxed at 77% of value. So would that mean the land is supposedly worth 23% more than the current level?
Actually, when I first inherited the land it would have taken both tracts to cover the debt. Now the land has increased so much in value that the one tract will more than pay off all the debt. that's why I was hoping that I could use all the tax savings at once, but you have cleared that up for me.
Thanks for the help.