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Ohio | I wish you the best luck in accomplishing what YOU want to do!
I'm in a similar situation and am too old to move on and there's nothing to be had anyway. I've had some offers but they're kind of one-sided in favor of the buyers. They must think farmers are stupid?
Yes, I think 1031 exchange is the way to go to avoid tax liability now. IF you can put a deal together? That's the hard part finding what you want and a seller willing to work with you. I don't know but, I thought 1031 exchange had to happen within 6 months? Also, you can't sell yours and then trade for the new one later, etc. You need an expert.
I told one developer that I would 1031 trade for another farm near me, but I haven't heard back from him. Another wanted to trade my 200 acres for another 200 acres acre for acre so I could have 200 acres farmland still to farm, why would I trade $100,000 land for $30,000 an acre land. I've pretty much just decided to stay the way I am, it won't be much longer for me. My kids will be millionaires by then anyway.
Like I said, Best of luck!
Real Estate has just gotten out of control, value wise around here. I can't believe what's it worth. My Landlord is selling land now and getting $350,000 plus per acre, Kroger wants a new grocery now. It's crazy!
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Moving the farm
