| IN555 - 3/24/2024 19:34 It doesn't matter if it is bought with cash or financed it does the same amount of after tax dollars to pay for it either way. I vote we push to make land purchases tax deductible to farmers.
For the first point you are absolutely correct but its a deferred tax bill that has to be paid at some point. Probably when grain prices are lower than they were when the high priced land was bought.
For the second point, NO. You'd just double the cost/acre before the ink was dry on that signature as everyone with money would suddenly be a "farmer". If you make it tax deductible it would be a 100% taxable event (no basis) when you or your heirs sold it.
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Has the game changed cont........
