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Non-Cattle Specific Topics
Every Thing Else Board
Selling the family farm?
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<blockquote data-quote="Arnold Ziffle" data-source="post: 98512" data-attributes="member: 43"><p>denoginizer -- If you decide to sell the family farm, and since it would be your intention to invest the proceeds in another farm, you may want to get with your accountant or attorney to discuss the possibility of a simultaneous three party like-kind exchange or even a deferred like-kind exchange. The appeal of those exchanges is that you could defer payment of federal and state income taxes on the sale. Of course I have no idea what your proposed sales price is, or your cost basis for the farm, but without a like-kind exchange if there would be a significant taxable gain on the sale you could end up paying quite a bit in taxes, even with the low 15% capital gains tax rate.</p></blockquote><p></p>
[QUOTE="Arnold Ziffle, post: 98512, member: 43"] denoginizer -- If you decide to sell the family farm, and since it would be your intention to invest the proceeds in another farm, you may want to get with your accountant or attorney to discuss the possibility of a simultaneous three party like-kind exchange or even a deferred like-kind exchange. The appeal of those exchanges is that you could defer payment of federal and state income taxes on the sale. Of course I have no idea what your proposed sales price is, or your cost basis for the farm, but without a like-kind exchange if there would be a significant taxable gain on the sale you could end up paying quite a bit in taxes, even with the low 15% capital gains tax rate. [/QUOTE]
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Selling the family farm?
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