GregWCIL - 8/20/2024 17:59
IN555 - 8/20/2024 11:49
IMO you couldn’t be more wrong. Crop insurance and generational wealth are the two biggest contributors to consolidation in farming. Both are what makes it nearly impossible for a first generation farmer.
If you are talking about stepped up basis contributing generational wealth I would disagree.
With stepped up basis the heirs can sell for no taxable gain. Good incentive to sell, putting more land on the market making it easier for others to buy.
If you had no stepped up basis you create a tremendous incentive to keep the land. Thus much less on the market.
Elimination of stepped up basis
