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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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Good afternoon,This is a tax planning question. Last August,

Customer Question

Good afternoon,
This is a tax planning question. Last August, we purchased (through refinance) our home and 40 acres. This was financed at 80% of the appraised value of 405,000.00. The appraisal for the house was 265,000.00. At this consideration this appraisal determines land value at approximately 3,500.00 per acre.
We intend to sell some acres, and at current market in our area, it will be sold at a rate higher than 3500.00 per acre. How do we determine what the tax rate will be? There will a mortgage to pay off at approx. 317,000.00. We are a married couple, and our 2015 tax return showed income of 103,000.00. Our projected income this year, remains about the same. We can sell the property to coincide with the year and one day to qualify as a long term investment, if this applies in this case.
Are there any tax strategies, we can use to assist with any tax liabilities? Are there any taxes also, that would apply in Tennessee for the sale of property? Thanks in advance for any information you can provide.
Submitted: 7 months ago.
Category: Tax
Expert:  Stephen G. replied 7 months ago.
We you say you "purchased" your home "through refinance", are you saying you refinanced your existing property?What did you actually pay for the entire property when you originally purchased it? When was that?
Customer: replied 7 months ago.
Please advise the relevance of this. Of course in 1985 original purchase price has escalated. What we currently paid for the property has been indicated.
Customer: replied 7 months ago.
I don't feel any interest in helping or providing tax options. Please request a refund for me. No offense, must engage a face to face tax accountant to assist with this issue.