If your Adjusted Gross Income from farming is greater than 75% of total AGI, then you might qualify for a higher payment limit under ERP. However, the key is what is farming income. We go over the details.
Farmers who want to gift farm assets to the next generation that have debt associated with it don’t always understand that tax is due. We go over the reasons why.
The KC Federal Reserve released a report on land values and 2021 was very good. However, 2022 might see some reduction if interest rates continue to increase. We review one example.
The House passed the Securing a Strong Retirement Act (SECURE 2) last week. It increases the required minimum distribution age to 75 beginning in 2023. We review the key details.
The Administration is proposing major tax law changes in their budget. It is likely none of these will pass, but it is important to know what is being proposed.
Farmers who buy land may be entitled to a deduction of part of that purchase for excess fertility. However, be aware that this requires ordinary income recapture when you sell the land.
