| Jeff in ND - 4/29/2021 15:25
I wonder how this affects my situation (and my sister)....
Neither of us farm. Both have other careers. Our elderly Mom in her 80s rents out the land, lives on the building site. We've been listed as heirs in the will.
When the time comes, I was expecting at least for the short term to continue renting the land and split rents with my sister until some time the farm is sold. I am in my mid 50s now. Neither of use have kids so it ends with us.
Having to immediately sell to pay high inheritance tax means no additional rental income in retirement.
I've not been planning my retirement with expectations of inheritance but some extra income from rents would be nice.
Hope you at least get a Christmas card from Joe. The reality of the situation though is it all depends on the size of mom‘s estate and the assets that are subject to the capital gains tax minus the cost basis and then also minus whatever the exemption amount ends up being. I read anywhere from $400,000-$1 million as the exemption amount. You could end up owing Anywhere from 0 to 3 or $4 million (or even more) if her estates big enough. You could email me the details if you’d like and I can give you a fairly close estimate as to what you’re facing if this indeed does see the light of day.
Edited by Boone & Crockett 4/29/2021 20:44
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Bidens Tax Plan For Family Farms.
