Selling Farmland or a Ranch: IRC Section 121 and Section 1031

Posted by Andy Gustafson on Thu, Jun 21, 2012

When selling farmland or a ranch that has both a primary residence and land, it is important to consider the tax consequences of Internal Revenue Code Section 121 and Section 1031. Vacant land can be sold along with a primary residence, utilizing the $250,000 ($500,000 married filing jointly) exclusion given the property was owned and used by the taxpayer as the taxpayer’s primary residence for time totaling two years or more. The capital gain exclusion is available once every two years.

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Tags: 1031 farms, Rev Proc 2005-14, 1031 ranches

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