Posted 12/5/2012 10:52 (#2734154 - in reply to #2734148) Subject: Depending on your tax liability for the year?
News to me ( thx for correcting).
Although, doesn't your tax liability for that depend on your P&L for the year. If you recieve a $250,000 insurance check. and are able to roll/pencil so you have a $220k loss without the check. Aren't you only paying on the 30k that actually counts as net income?
Any more info? (cause I am curious to be honest)
Like I said, I don't mind anything about the farmers tax setup, hell my ultimate goal is to be entirely into 1031'able assets and do the same moves myself.
Edit* - and as Itchy said... say you pay and pay and never collect... Do you pay taxes on the physical subsidy they pay for every year?