Ready to Sell Your Vacant Land but… Next Year? Find Out How to Avoid the Tax Pitfall This Year

Ready to Sell Your Vacant Land but… Next Year? Find Out How to Avoid the Tax Pitfall This Year
Hi, I’m Beth with TB Properties Buys Land, and it’s getting close to being the end of the year this year, and what does that mean? No, I’m not talking about Christmas shopping. I’m talking about estate planning and tax planning for next year. If you’ve been putting off the sale of your rural vacant land because you don’t want to sell that this year and have too much income so it’s going to affect your income taxes for this year, and you’re interested in actually having the transaction take place next year, that is still an option.

So we had somebody ask us about this. Let’s just say you’ve got 20 acres, 40 acres, I don’t know, 160 acres that you’re interested in selling, but you’re worried about what’s going to happen when you sell that property this year and having too much income for your income taxes. We can put together a purchase agreement and easily move that closing date out until next year. Since the closing date would be in say, January of 2022, you’re not going to be funded, we’re not going to pay you until 2022. And so that will take place on next year’s taxes as opposed to this year’s taxes. So if you’ve been putting off the sale of your rural vacant land because of tax purposes, there’s no reason why you can’t put that under contract now and just move the actual sale date out for next year. Just talk to us about that if that’s an issue or that’s a concern.

TB Properties Buys Land, we are real estate investors, so what we do is we purchase property with cash. We do not need a lender. We don’t need appraisers. We don’t need to work with banks. We’re able to close quickly, and we do so safely through title companies, just like if you’re buying or selling a house. So if you’re interested in selling your vacant land, you’ve got recreational land, 10 acres, 20 acres or more and you want to sell that, reach out to us. What we’re going to do is we’re going to take a look at that parcel. We’re going to get you a quote. If we come to an agreement on that, on the price, we’ll get you a one page purchase agreement. It’s very, very simple. We try to make it so that you don’t have to have a real estate attorney in order to understand what’s on there.

And we cover all your closing costs, so we’re going to pay for the escrow fees, that means all the fees that go to the title company. We pay for title insurance and recording fees. If there’s a sales tax or excise tax associated with that property, we’re going to cover that as well, and we’re going to pay the title company and we’re going to pay in cash so that we can close quickly. So if you have any questions about closing with TB Properties Buys Land, interacting with us, please reach out to us. We look forward to working with you.
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