Capital gains!!!

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backhoeboogie

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UGH !!!!!

It was painful. Very painful. But the money is sent. Probably should have rolled the farm sale into another place.
 

Texas PaPaw

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So that's what caused that horrible sound I heard coming from your direction. Fwiw I feel your pain. No good deed goes unpunished.
 

True Grit Farms

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backhoeboogie":24qanlj3 said:
UGH !!!!!

It was painful. Very painful. But the money is sent. Probably should have rolled the farm sale into another place.

You should know better by now. Tax implications should drive every major business transactions you do. If I shoulda, woulda, could've is bad business.
 

Jogeephus

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No matter what you do you eventually have to pay. At least capital gains is the cheapest tax there is. For now.
 

Cross-7

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Long term is but short term capital gains is based on your tax bracket and if it's very much profit it can put you in a bracket way up there.
I don't know what's cheaper when you figure carrying cost for a year. It can be better turn it and pay the short term gains tax, but it sure cuts into the profit.
It's discouraging and I've threatened to hang it up and go fishing
 

JMJ Farms

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I agree that those capital gains taxes suck. Especially short term. The only way to avoid them is to do a 10-31 like exchange and over time acquire something that you want to gradually gift to your children or someone else.

If you're in the buying and selling business, there's really nothing you can do about it. Just stay positive and remember that if you're having to pay capital gains taxes then at least you're turning a profit.
 

Workinonit Farm

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Capital gains, I haven often thought of them as a blessing and a curse. I think though, in the long run, I'd rather have them than not. Although, at times I wonder......... especially in recent years. :?
 

Jogeephus

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One good thing is when you are paying taxes you are moving forward. I've seen some people work every angle trying to avoid them and really haven't seen it benefit them that much. In some cases I've seen them lose their shirts in the long run because they didn't have any cash assets built up. Seems it gets expensive when you are purchasing deductions and things to depreciate.
 

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