I suggest visiting with a your tax person, accountant and a lawyer. Maybe all the same person. Visit with them and learn implications of a land sale from them. For instance, capital gains? Loss of depreciation? Change in liability exposure? How many acres does a building site have to be to remain agricultural? (20 acres in my state).
The "look-back" in my state is 7 years. Arms length sale probably not an issue. Sale to relative below market value might be an issue someday.
Maybe make a list of all the impacts of the land sale you can think of (good and bad) to show the folks above? They may add to the list or your list triggers thoughts/comments from them.
My guess is your dad owns the property but I don't know. How does the sale impact your dad's (mom's?)retirement? After the sale of the land, how much money will be left to invest after all the expenses of the land sale have been paid? How does the present land rent compare to income from new investment after all expenses have been paid?
It is almost is as much work to keep 10 cows as 40.
If the rent will pay the ownership expenses of the land maybe just keep it awhile longer until future plans become more clear. Is hiring part of what you do now custom farmed an option? It is far out in the future but will any of your children potentially want any of the land someday?
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
