All Forum Posts by: Joe Atkins

Thank you @Ben Raygor. I appreciate you going into detail. This further explains what my CPA was talking about. She was worried about an audit. I personally don't understand why you can't assign a price per acre and how that would get you in trouble with the IRS, but I''m no CPA. The land with the house is probably worth more. It is the flattest land.The family has sold several parcels at the same price per acre. Thank you!

haha! Touché @Jake Hottenrott

Thanks @Jim Pellerin! I guess I should listen to my CPA. We are getting a great deal, so I know the valuation is good for our area. I didn't want to waste that money if it wasn't necessary.  

We are currently in the process of purchasing our first investment property, (cash purchase). It is an old farm house on 9 acres. We are dividing it into 3 acre tracts and keeping the house and 3 acres for a rental. Our CPA has advised us to get an appraisal of all 3 parcels, including the house which needs a ton of work. She says she needs this to offset the capital gains if we sell the land immediately. I haven't read of anyone getting an appraisal on the front end of a cash deal? Does this sound like good advice?