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SW Iowa | Your spinning!
Quote:
"His inheritance became worthless"
WRONG! He still has the land. I don't care what the basis is, he still has the land. If he hangs on to it by continuing to make the payments, it will come back too. Land is a long term. Using your theory, if you inherit any land you should immediately sell it to avoid losing your inheritance. You don't seem to take into account how the government influences land values and money. I'd much rather inherit 400 acres and have a $1.6 million tax bill to pay, then stand at an auction and bid against the world and try and buy that same piece of ground. Of course I am a farmer, and would never consider selling.
As far as trying to bring up the 80's, I remember them years well. I bought my first 80a in 1977, and by 1982 it was worth 1/2 of what I paid, but I stayed with the payments and today am glad I did. Bought a new JD4440 in 1981 and paid 16% interest on the loan. Still have the tractor today. Yep, I can tell you about the 80's.
WHO SAID LIFE WAS FAIR?????? | |
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What is wrong with the fiscal cliff?
