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South Central Indiana | #1 - talk to your tax man. It could eat you alive.
#2 - if your ground doesn't have a lot of rent potential but will bring good money if sold do a 1031 exchange for a "like-kind" swap. You could buy any other property that creates income. You could go buy good farmland anywhere else that brings in good rent, a apartment building, rental houses... something with low maintenance and guaranteed easy income. Do not give your equity to the government. The day I die I want to be broke and my kids better off than I was. My uncle always said he wanted his last check to bounce. He also said if I owed him money I would throw the check in his casket before they closed it. He was my favorite uncle and gave me good advice.
Cash in the bank means you are losing money. Inflation eats cash.
I am 60 also. | |
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Selling the home farm...
