Posted by Eldon (WA) on March 24, 2014 at 07:57:00 from (98.225.11.231):
In Reply to: More on Cash Rents posted by Traditional Farmer on March 24, 2014 at 05:39:13:
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I have thought of selling, but by renting I can write off two trips back to the farm a year which helps on my taxes. Also, the capital gains taxes would eat up a bunch, so we probably won't sell unless we have to.
BTW, this is not what I would consider family land. We bought it from a neighbor in 1990, my sister bought the other chunk a little later as an investment, then sold it to my brother. My parents still live on the home farm 4 miles down the road. Dad raised 14 kids on a quarter of land he owned, and 3-4 quarters that he rented. We all got a set of luggage for graduation...2 brothers returned home after college to farm.
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