One Step Closer

[purecountry]

We finally got our mortgage papers signed and everything legal for buying half of the land from my folks. They gave us a great deal on it, and the people at Farm Credit Canada were great to deal with too. Of course, that may have had something to do with the fact that the land is worth 4 times what we paid for it. :lol:

Sure feels good to finally get it done, for us, and the folks. With the stroke of a pen, we feel like all the money we're putting into fencelines, grass development and such is worthwhile.
;-)

 

[llcupit]

Congrats! ;-)

 

[backhoeboogie]

Congratulations. Get that place paid off and it will even feel better.

You do realize that if it is truly worth 4 times the price, your net worth just went way up. Congratualtions on that as well.

 

[purecountry]

4times my net worth,hey? Well then, 4 X 0 = 0, so I guess I'm worth about the same as yesterday when I crawled out of bed. :lol:

 

[DOC HARRIS]

4times my net worth,hey? Well then, 4 X 0 = 0, so I guess I'm worth about the same as yesterday when I crawled out of bed. :lol:

Well, I see your point, but your Net Worth is now what that land is worth. Turn around and sell it, and if you had to pay Capital Gains Tax - your eyes would pop out! :shock:

DOC HARRIS

 

[Cowboymom]

Hope they don't have inheritance taxes in Canada. In this country, they would nail you for buying land under valued. Like DH said, capital gains will kill you, if they have them in Canada?

We have paid inheritance taxes on the same ranch three times, the lawyers are still trying to figure out if we need to pay it a fourth. This is with gifting and every tax advantage we could take. Property values just went up too high. It is like buying the same land all over again every thirty years or so.

Least we are able to keep the ranch. Some people are not so lucky.

 

[purecountry]

We have Capital Gains Tax in Canada, but when you sell it to immediate family, you get an exemption. We plan on being able to pass it on to our children someday as well. As long as we keep our budgets balanced, and make a bit of profit more years than not, then we should all be able to live off of the land when they have families of their own.

 

[Susie David]

Glad to see a family place passed down...
Around here we see alot of folks growing housing sub-divisions.
DMc

 

[KMacGinley]

Is it too late for your folks to adopt me?

 

[purecountry]

Back off now.....I'm an only child, and this is the one time in my life where it's working to my advantage! :lol: :lol: :lol:

 

[KMacGinley]

Congrats PC, it is a great feeling to own something isn't it.