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Advice re: selling my farm

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funkynassau | 04 Sep 2015, 04:26 PM Agree 0
We're in Bruce County, ON and want to sell our 100 acre farm. Had a few low ball offers and one fairly decent one from a young fellow who has not quite enough money to buy it. He's been to his bank and if he can come up with another $50K we'd probably sell to him. We will have to pay capital gains since we did not farm our land ourselves, we rented it out. It's complicated as to how much it will cost us and it depends on the value of the land at time of sale and whatever improvement deductions we can use to lower the tax.

Trying to decide if we should take the lower offer and move or hang in there for what we'd like to get, so as to not be giving it away. The farm is paid for so all money would be ours, a great situation to be in!

The economy in Ontario/Canada in general is not great and I think by waiting for a better offer we may lose out in the long run where my husband would like to hang in there for more! Any wise advice to help us decide what to do?
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