Posted 1/13/2022 06:41 (#9437028 - in reply to #9436939) Subject: RE: Renting out Hog barns?
Dougw - 1/13/2022 04:41
Toying with what to do with our newer hog barns as we get closer to retirement.
They are all 14 years old or newer. 2400 head.
Selling them would be a tax nightmare, they do not qualify for 1031 exchange according to IRS. They provide a nice side income and seem like they are worth more to us to keep than sell. We either need to find that needle in the haystack that wants/capable of taking them over for a salary or rent them out.
Anybody have knowledge of this? What is a good salary/barn to attract someone? What do people pay to rent barns? Plenty of integrators in our area to get contracts.
We could provide some labor to the new employee/renter as we will still be around for a few more years but are looking to transition out of being tied down.
How can they not qualify for a 1031? If a guy can sell an apartment building and 1031 to land a hog barn should be the same.