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pnwmom

(108,978 posts)

16. A small farm or ranch in most places isn't worth many millions.

Reply to safeinOhio (Reply #3)

Tue Dec 18, 2012, 01:18 PM

Dec 2012

Corporate farms, yes; small, family farms, no. But they have a tax problem if the property is worth more than one million.

No one wants to buy a few acres of ranch or farmland, even if somehow zoning allowed it. It doesn't work that way.

And a trust won't do anything to reduce the taxes due.

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$1,000,000 Exemption and 55% Does Kick Family Farms in Gut [View all] ag_dude Dec 2012 OP

Taxes up to the late 1990s were alot higher than any are now, or are planned graham4anything Dec 2012 #1

What's your source for that? ag_dude Dec 2012 #4

I have a relative in that situation mainer Dec 2012 #2

I find it really hard to feel all that bad for safeinOhio Dec 2012 #3

The study you are referring to ag_dude Dec 2012 #5

I do feel sorry for those that wish safeinOhio Dec 2012 #8

The taxing when the land is sold ag_dude Dec 2012 #9

A small farm or ranch in most places isn't worth many millions. pnwmom Dec 2012 #16

As a farm owner in Nebraska newfie11 Dec 2012 #6

How about shared ownership before the land ever becomes part of an estate? n/t eridani Dec 2012 #7

Isn't it based on profits anyhow? graham4anything Dec 2012 #10

No, it's not. ag_dude Dec 2012 #11

then its totally different than any other biz? graham4anything Dec 2012 #14

Yes, you can write off expenses.... ag_dude Dec 2012 #15

Then instead of an estate, give some away to family and it lowers the value graham4anything Dec 2012 #17

I'm not sure you actually understand the idea of family farms. ag_dude Dec 2012 #21

Who says to give it away??? Subdivide it, give a piece to family or friend or sell it graham4anything Dec 2012 #23

Used to be called land poor. Downwinder Dec 2012 #12

Doesn't incorporation provide a work-around for inheritance? HereSince1628 Dec 2012 #13

I was thinking the same thing, would forming an 'S' Chapter corporation with the heirs as Ikonoklast Dec 2012 #18

Sort of... ProgressiveProfessor Dec 2012 #20

This is one of the reasons Prop 13 is so beloved in California ProgressiveProfessor Dec 2012 #19

Estate taxes are necessary. Transfer of property to heirs is money they did not earn SoCalDem Dec 2012 #22