Agreed. That step up in basis can be a HUGE deal. The company I work for right how has been in existence since the 1950s. The land the company sits on only has a basis of $10,000 but has a market value of well over $800,000 (the city has grown up around us). To sell it we are looking at depreciation recapture on the buildings and capital gains taxes on the remainder. Selling it will cost us well over $200,000. We won't move because of the taxes.
I know some people will say "My kids will never sell it" but things change. Someday the federal government (or state or county) says we are taking the property through eminent domain or you can sell willingly for this price or the neighbor across the road puts in a 1,000 sow farrowing house.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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