Alan Bjerke, Esq. | Seven Days | Vermont's Independent Voice

Alan Bjerke, Esq. 
Member since Feb 6, 2019


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Re: “Gains and Losses: Would a Land Tax Repeal Spark Growth or Sprawl?

Mr Brooks states: isn't the land gains tax waived if the buyer certifies that they will locate their primary home on the property The answer is Maybe

The answer is that it depends on the size (not the value) of the property. So, suppose you inherit a 20 acre parcel of vacant land owned by your family for 20 years and sell it to someone who certifies that they will build their primary residence on the property. When selling to someone building a primary residence, only 10 acres is exempt from the land gains tax. You inherited the property, so your basis is zero. If you sell it for $100K, more than one year, but less than two years after you inherited it, your tax bill is $50,000. In this instance, the seller SHOULD subdivide and sell the two 10 acre parcels for $50K+ each. So a tax intended to discourage the chopping up and selling off of land has the exact opposite effect.

This is just one of the many harmful and unintended consequences of this well intentioned, but misguided tax law. It's time to repeal the law.

5 likes, 2 dislikes
Posted by Alan Bjerke, Esq. on 02/06/2019 at 10:06 PM

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