Tag Archive: "1031 exchange"
Recently, I had a taxpayer call me about the sale of some farm land. The taxpayer had sold 80 acres for $960,000 that they had inherited from his mother about 20 years ago. The tax basis in the property was about $150,000 so they were facing an $800,000 long-term capital gain which would cost them […]More
With farmland prices at or near an all-time high, many farmers are considering selling their farmland and rolling over the gain into other real estate on a tax-deferred basis using a Section 1031 tax-deferred exchange. Under these rules, the farmer has 45 days from the date of closing (not when you sign the offer) to […]More