Sometimes it is not necessary to go the 1031 route. If owned land for 10yrs +, and farmed it yourself------- definitely no Iowa tax. If otherwise, better check the ownership parameters against Iowa rules...all of which are listed on the IDOR website. Business property is not subject to the "new" Net Investment Tax..... apparently that fact is escaping some preparers. Probably will get hit with alternative minimum tax.....but have some time this year before sale to look at that.........closely.
Edited by jakescia 9/29/2014 10:58
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selling off a few acre of farmland?
