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Southern Missouri | What Boone talks about above in the recapture department is really something to study for anyone thinking of doing what op is , if you own some land and can work with a trusted tenant there are definitely ways to lessen a pile happening in one year ,( rent them some equipment for a while ) can take a lot of time to get everything done correctly but it can sure payoff , there are also many reasons in the tax world to retain a portion of the acres in your operations 100 percent name at the farm office with a little equipment to farm it as well , even as simple as legal deductions for your personal pickup truck , actually all depends on how freely you feel about just giving a pile to Uncle Sam ,there are perfectly legal ways and there are people out there that can help , they need familiarity with the agricultural retirement world , many normal cpas don’t really understand backing away from an ag operations daily work routine,having gone through this ,no way I’d start on it without a very good plan in place that everyone including your old cpa that didn’t understand what really needed done at first ,but certainly did after understanding how working with tenants can help | |
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