Selling our farm

[rkm]

I've known several people who have borrowed money to pay taxes.

 

[GMN]

IT IT AGAINST FEDERAL LAW TO LOAN MONEY FOR TAXES OR INSURANCE! THUS ESCROWS ON MORTGAGES. So if they were borrowing money to pay taxes then, the lender and the borrower could have faced serious consequences![/quote

Fact is it is done, whether the money is said to be used for that when borrowed, I know this, taxes in WI are insane for farmers, I'm talking 10-15,000 in taxes and that was 10 years ago. Why would the borrower be in trouble? Sounds to me it should be the othewr way around. I think all in all hard to prove, and whats the difference if they borrow the money to pay taxes or borrow it to plant corn?

GMN

 

[Herefordcross]

I'm not saying it isn't done but, I can promise you that it's not on the paper work as being for taxes because an auditor would tear that up. At least income taxes, I don't know about property taxes, I use quickbooks and keep up with stuff throughout the year so I don't end up with a huge tax bill but, as we all know that doesn't always work that way.

 

[GMN]

I'm not saying it isn't done but, I can promise you that it's not on the paper work as being for taxes because an auditor would tear that up. At least income taxes, I don't know about property taxes, I use quickbooks and keep up with stuff throughout the year so I don't end up with a huge tax bill but, as we all know that doesn't always work that way.

Thats what I'm talking property taxes, farmers can write off alot where taxes aren't hardly ever paid.

GMN