FTC Episode 343: Tax Strategies for Passing Land to Others: The 1031 or 721?
Farming the Countryside with Andrew McCrea · Farm Journal
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Show Notes
If you are involved in farming, there’s a good chance your family owns some land. That land may have a lot of value and passing it from one generation to the next, whether that is inside or outside the family, can have a lot of consequences attached to it. It can be difficult to maintain family harmony and the sellers often want to have a plan in place to not see taxes eat up all the profit. We discuss a 721 plan, a method that many of us may not know.
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