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USA | Need to add around 60-70% to the purchase price of land to generate enough income to pay the principal after tax. 65% of $1 million = $650,000. Ave of $650,000 over 20 years = $32,500. Reality is taxes will be less on the front end and more on the back end of a amortized loan.
The Young , Naive, and Underfunded are going to have a hard time gaining much traction , when it comes to buying farm land going forward.
Add in living cost per acre and the amount of income tax required on living expense. Digs the hole even deeper for the 240 acre person. | |
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Southwestern Illinois land sale
