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South central Minnesota | Did you 1031 that 1/2 interest in that 80 to partially pay for the rental property in Florida? Nothing wrong with that if done properly. As such it can't be utilized much as a winter home unless you only use it for a couple of weeks a year but would fit the terms of 1031.
I believe most would say over the last few years if you took returns from farm production and acquired outside assets to produce income, providing diversification as such wouldn't be unwise but you could, not will but there is always the possiblity that you could enter a nest of new problems concerning the IRS and the FSA.
Relenquishing a paid for income producing asset for another isn't something I would do as it always will be farmed and have a return or at least will pay the taxes on it but turning cash in the bank that doesn't return little into an income producing asset while not a sure thing has the probability of at least holding its own. | |
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Where will we find the Innovators advantage for this era
