Unlike other industries, farming has special tax rules that allow for the transfer of an individual’s shares of a farming corporation to the next generation on a tax-free rollover basis. For other industries, the value that has accrued on Mom and Dad’s shares are eventually taxed to Mom and Dad, either by way of share […] Read more
Stories by Tyler Kachur
Set a landmark on the horizon to guide land acquisition
There are many tax incentives for farmers owning farmland including the lifetime capital gains exemption and the intergenerational rollover of farmland to a child or grandchild. Both can save or defer significant tax but require the land be owned personally for maximum flexibility.
