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Kettle Moraine, WI | I am not your intended person but I want to chime into that question because it is often unsaid.
Paying off principal on farmland while maintaining or reducing machinery debt requires taxable income thus income taxes to be paid.
The faster you pay it off, the higher the tax bracket of taxes you will be paying to provide after tax dollars to pay off the loan.
It is cheaper to pay off farmland at lower incomes in general (admittedly there is a trough in the tax rates after SS taxes cap without corresponding bump in income tax rate for a short range of taxable incomes)
Edited by thinkstoomuch 2/28/2024 09:57
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with all the post ranting against the possibility of land values
