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NW IL | So you plan on having him inherit it all? Just trying to figure out your question.
For our farm succession our CPA suggested a lease option too.
Dad always regretted how he ended up having to buy out grandpa's old JD630 and 520 to farm with in the 80s. Grandpa had never upgraded beyond those I guess and there wasn't much money in the 80s for dad to buy much else.
Several things about how they passed on the farm really set dad back quite a few years, such as renting the farm, house, dairy barn land and all for 20 years then having to buy out siblings at the end. So he basically paid for it twice. His folks refused to just sell it to him. | |
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Recaptured Depreciation
