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Very southern Mn | I am somewhat confused. If you want to retain control until death , you can just hold on to it till you die, name the young man in your will, make sure will done by a attorney that gets it done correctly, (so it stands a challenge by the your long last family that suddenly remember how much they did for you and how you promised them a fortune) , he gets basis reset and start depreciating it all again at value after your death. If you want more income now, start selling an item or two now to him at a conservative value, your tax will be minimal on that income. You could also start to trade some equipment for custom work, that way no additional tax and you still get your farming done. | |
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Recaptured Depreciation
