The budget bill just passed by Pelosi contains the language to remove the step up in basis and impose a capital gains tax based upon the value of all estates over $1 million dollars. That isn’t the estate tax. It’s separate. It pretty much invalidates all existing estate plans. It will be extremely difficult to get around and it will destroy family farms. Most will have to be sold in order to pay the taxes.
It's not like having a million dollars in farm property is making a family, or anyone else, reach the upper levels of society.
Did the Senate pass it through too?
The desert is a true treasure for him who seeks refuge from men and the evil of men. In it is contentment In it is death and all you seek (Quoted from "The Bleeding of the Stone" Ibrahim Al-Koni)
The budget bill just passed by Pelosi contains the language to remove the step up in basis and impose a capital gains tax based upon the value of all estates over $1 million dollars. That isn’t the estate tax. It’s separate. It pretty much invalidates all existing estate plans. It will be extremely difficult to get around and it will destroy family farms. Most will have to be sold in order to pay the taxes.
Don't worry. Bill Gates is buying up American farm land as fast as folks are putting it up for sale. He must really love farming.
It's not like having a million dollars in farm property is making a family, or anyone else, reach the upper levels of society.
Did the Senate pass it through too?
In some places, that’s less than a couple of hundred acres.
Not yet, but we’re relying on Joe Manchin and Sinima to save us. That’s all that stands between us and the end of rural America.
In places with good land, likely less than 100 acres.
The desert is a true treasure for him who seeks refuge from men and the evil of men. In it is contentment In it is death and all you seek (Quoted from "The Bleeding of the Stone" Ibrahim Al-Koni)
One thing an old farmer can do is sell it to his kids for very reasonable price and rent it out. Then give $14,000 a year to each kid in the family if it is deserved. There are ways around almost everything. There is no law that you have to sell land at face value. It could even go into a contract that the new buyer has to give a potion of the profits of the crops. No law against that neither.
But the fruits of the spirit is love, joy, peace, patience, kindness, goodness,faithfulness, Gentleness and self control. Against such things there is no law. Galations 5: 22&23
One thing an old farmer can do is sell it to his kids for very reasonable price and rent it out. Then give $14,000 a year to each kid in the family if it is deserved. There are ways around almost everything. There is no law that you have to sell land at face value. It could even go into a contract that the new buyer has to give a potion of the profits of the crops. No law against that neither.
I live on my sister and bil's defunct dairy farm. They had to auction everything off a few years ago when my bil became confined to a wheelchair with MS. The kids were too small to take it over. Had to sell the woods(my whitetail paradise), the cows and the equipment (robotics) and arable soil. It sucks , but only the big dairy farms, the Amish, and Mennonite farms are surviving around here and all the grain/beef farms are all managing well.
