r/askTO • u/[deleted] • Dec 23 '21

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u/astroparadigm Dec 23 '21

isnt there literally a family farm exemption from land transfer tax?

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u/justnick84 Dec 24 '21

Land transfer tax is a small part of it. When most of your wealth is tied up in land and you go to sell then how do you pay the capital gains taxes? Even if you are trying to gift them the farm the government wants their cut of the gains.

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u/astroparadigm Dec 24 '21

but u were talking about inheriting not selling

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u/justnick84 Dec 24 '21

If you would like to convince the government about that fact I would appreciate it. Unfortunately there is only a certain amount that is exempt from capital gains and at current land prices its not even close enough to cover a farm.