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Finding Tax Basis for Farmland and Other Real Estate
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Finding Tax Basis for Farmland and Other Real Estate
COLUMBUS, Ohio — For many farm families, land has been owned for decades, sometimes generations. That long history can create a common problem when it comes time to sell or transfer the property and no one is quite sure what the tax basis is. Tax basis matters. It is used to calculate taxable gain when real estate is sold. The basic formula is straightforward, as the sale price minus the tax basis equals the gain. Without a reliable basis, it is…
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