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Needing some farming advice
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Posted by JohnDeereBMan on June 04, 2004 at 23:10:57 from (206.181.244.94):
Well, i went home about two weeks ago, and my parents farm was covered with surveying markers. I haven't really talked to my father about it yet, but within the next few of years, the farm is going to be sold. I would assume 3 years, since my father retires at 55 in 3 years. We are 18 miles away from NYC in New Jersey, and i have been on the farm for the majority of my childhood. For the past 6-7 years, we haven't grown any crops except for hay, because the neighbors dont want spraying. I really love farming, and wouldn't want to do anything else, but i know that farming is hard as heck to get into today. Right now, there is pretty much nothing i can do to save the farm, land is going for a half million an acre around here. I was just wondering if it was at all possible if the farm was sold, would my father be able to do a 1031 tax deferred transfer, and become a partner in a farm with me in another area? Is it possible for me to get a mortgage if my father is say a half owner in the farm. He swears he doesn't want to farm anymore, but im sure that he would help out because he has farmed all his life, and he loves running big machinery. Is there any other options. I'm only 20, but i have saved my money and resisted buying a new truck in hopes that i would have a down payment on a farm. I will graduate college in december and pursue a masters degree which will approximately take one year, so hopefully i can get a good job and make the payments for a farm. I would be looking at purchasing a preserved farm in New Jersey which will run about 350,000 dollars, so an fsa loan is out of the question because the cap is 250,000. Any advice would be greatly appreciated. Thank you.
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