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Helping someone to buy my farm
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CMN
Posted 1/11/2019 15:35 (#7237903 - in reply to #7237563)
Subject: MN has a nice beginning farmer tax credit


West of Mpls MN about 50 miles on Hwy 12
retiring farmers can take advantage of.

Maybe WI does too?

https://www.revenue.state.mn.us/individuals/individ_income/Pages/Beg...

https://www.mda.state.mn.us/bftc

The credit to the agricultural asset owner is as follows:
5% of the lesser of the sale price or fair market value of the agricultural asset up to a maximum of $32,000;
10% of the gross rental income in each of the 1st, 2nd, and 3rd years of the rental agreement, up to a maximum of $7,000 per year, or
15% of the cash equivalent of the gross rental income in each of the 1st, 2nd, and 3rd years of a share rent agreement, up to a maximum of $10,000 per year.
The agricultural asset owner can claim credits in one of the above categories in a given tax year on a per-owner basis up to the maximums stated.


Edited by CMN 1/11/2019 15:38
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