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VTtwins

Joined: 06/01/2001 Posts: 1050
Likes: 164

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If agricultural land make sure to educate yourself on the roll back tax law


If taxed as ag land which is a lower tax rate and the buyer develops it then the taxes change from ag to whatever the developed land is and the seller would have to pay rollback taxes. Sold inherited land in Virginia several years ago and made sure in the sales contract that the buyer would be responsible for any possible roll back taxes

(In response to this post by FfxStationHokie)

Posted: 07/01/2021 at 10:35AM


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Current Thread:
 
  Anyone sold inherited land? (inside) -- FfxStationHokie 07/01/2021 10:04AM
  Where is this land you speak of? ** -- HokieForever 07/01/2021 7:02PM
  This could be interesting. How was the land held? Is your interest in a -- Hokebury 07/01/2021 12:00PM
  Hope your selling timber first -- VaTechie 07/01/2021 11:16AM
  Different property ** -- FfxStationHokie 07/01/2021 11:19AM
  Ahh, got ya ** -- VaTechie 07/01/2021 11:20AM
  If you sell it to a real estate developer I will come after you. ** -- PhotoHokieNC 07/01/2021 10:50AM
  You do not pay capital gains on inherited property. -- HokieJay 07/01/2021 10:38AM
  Not the estate his question is about his basis in the inherited -- fordham 07/01/2021 3:13PM
  Yup, I see that now, thanks. -- HokieJay 07/01/2021 4:07PM
  If land increased after Mom died, he does owe a little bit -- VaTechie 07/01/2021 11:14AM
  If agricultural land make sure to educate yourself on the roll back tax law -- VTtwins 07/01/2021 10:35AM
  You would get a step up basis on transfer if inherited ** -- bigbadbird 07/01/2021 10:28AM

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