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purchasing farm with pivot
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Dan Loehr
Posted 11/18/2017 15:05 (#6373460 - in reply to #6373361)
Subject: RE: purchasing farm with pivot


Holland, Indiana (SW IN)
purchased a farm in Indiana the pivots were a fixture same as bins and buildings --not listed on the warranty deed--not any different than grain bins, buildings, or fences
That was for ground bought at auction (as if that matters)
Do believe the sales agreement would stand --as to YOU owning the pivots after the sale--it is a contract--signed by both parties
Lawyers always talk about if there is a contract or not? ---I think you have an enforcable contract (the sales agreement)
Do believe in Indiana-- for property taxes --the pivot's are taxed like a grain dryer (equipment)
FYI--- Do know pivot's can be depreciated when bought with the farm as can buildings, installed drainage tile, fences, and irrigation wells
Think you may need an appraisal to deduct the above?

Don't know if any of this helps in your situation

Good Luck

Dan



Edited by Dan Loehr 11/18/2017 16:16
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