AgTalk Home
AgTalk Home
Search Forums | Classifieds (18) | Skins | Language
You are logged in as a guest. ( logon | register )

Buying land. Numbers… decisions. Simple gets complicated, & $$$
View previous thread :: View next thread
   Forums List -> AgTalk CafeMessage format
 
150pilot
Posted 11/16/2024 06:40 (#10969378 - in reply to #10969331)
Subject: RE: Buying land. Numbers… decisions. Simple gets complicated, & $$$


New London, Wisconsin
thunderhut - 11/16/2024 04:48

Rent it to the guy that plants your beans.


This was my thought as well. But it's a bit more complicated.

I just retired and am loving it. That said I did lust after some land next door and always regret not getting it bought. Until I finally was able to rent it, and found it wasn't as good as I had thought. Be careful what you wish for my dad used to say.

If you are 5 years or less until retirement, I personally wouldn't bother. I would consider the sale of the 70 regardless.

I did buy some nice new and newish iron a year before retiring and that was a mistake. I had expected I would farm a few more years but the right deal came along to retire.

One of the lessons I learned about retirement with farm assets, that my kids didn't want, is it takes several years to wind down without huge tax consequences. Perhaps a trip to your favorite accountant is in order. I never make any major changes without a good consultation about the tax implications. Tax planning is not always the most important piece of the puzzle, but it's a very important piece.

Best of luck. These are never simple.

Jim
Top of the page Bottom of the page


Jump to forum :
Search this forum
Printer friendly version
E-mail a link to this thread

(Delete cookies)