BIG QUESTION:I will do my best to describe this in as few a words as possible.Wife and I - inherited 80 acres, built house on 2 acres for cost of about $280,00080 acres was given to us over a 4 year period as a gift equalling $160,000. (Tax exempted because $20,000 given to spouse and $20,000 given to me each year - $40,000 per year for 4 years)Question: How to dodge taxes on gains if property sold.New appraised property value: $10,000 / acre -but given to us at a value of $2,000 / acre Difference of $8,000 per acre if sold - (We would have to pay taxes on this $8,000 right?) How can we dodge paying these taxes?An idea:Could house be used as a leverage? In other words, if we have lived in the house for 2 years could we sell house along with so many extra acres of land (that could be further subdivided by purchaser) but included in house sell to allow upto $500,000 gain for spouse and me but pay no capital gains? (ps: We don't want to sell our house. Is there a way to do it on paper somehow to dodge taxes, and then get it back in a completely legal manner?Or is there another way to sell the property without selling our house to avoid capital gains?sincerey,Struggling Fool
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