Dave- I felt the same way 12 years ago and had my self-directed traditional IRA buy an 80. A few years later I bought another 80, split between the traditional and my ROTH IRA. Land was a lot cheaper then, so it was a great investment. Don"t know if the "next" 80 will be that great of a deal. A key is finding an understanding IRA trustee that will let you buy land YOU want to buy, not some of their investments. My bank is very agriculturally based with a good trust department manager that is also a farmer. And we still had to have a lot of discussions about how to handle things. Second, forget about you or your close relative farming the land. I did cash rent written leases with good neighbors I selected. No one will care if you hunt the deer or cut brush, but you best not be planting or harvesting. You may be able to have the place custom farmed, I"ve not been willing to carry that risk. It is very tricky for the IRA to borrow money, and triggers some other tax issues. You are young now, and this won"t bother you now, but remember at 70 1/2 year old you HAVE to begin distributions from a traditional IRA. If the only asset is land, you might have to sell it. By the way, I have a lawyer friend that used to own a cowherd and a pasture in his IRA, leased the whole deal on shares to a local rancher. If you are serious about this, get some competent legal and IRA help, preferably from someone reasonably local that has been through this before. Take the advice from far away internet people ( including me!) with a grain of salt. You really don"t want to screw up your 401k/IRA. Good Luck!
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Today's Featured Article - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
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