Had quadruple heart bypass surgery recently, so am seriously considering selling the pond acreage.
We are okay financially without selling, but we rarely get out there anymore, and my wonderful wife isn't a huge fishing fan.
I want to thank the poster who suggested contacting realtor Cash McWhorter about the preliminaries. He has spent plenty of time looking over the property, and assessing it compared with similar properties in our local area. Honestly, I was shocked at how much values have gone up in the last few years! I mean, we've done a lot on the place, but sheesh.
Question: I know the government levies a capital gains tax on any money we receive that exceeds the costs. But what exactly can be included in the cost? For sure our initial purchase of the raw land, the building of the dam, the Redneck Palace (our term for a nice double wide) on site. But would that include the value of satellite TV? The furnishings in RP, such as sofa, chairs, table, beds? The dock? The pontoon boats? The feeders? The roads? The bridge? How about the fish stocked over the years? The cost of feeding them (I'm guessing not)?
Anybody know? If we don't pass along our places to our relatives because they aren't much interested, this decision is a real possibility. Would love to see a thread on it, and eventually a PB article.
