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Buying Inherited Land? Ask The Tax Man

By Andy Biebl, DTN Tax Columnist

February 10, 2016

QUESTION:

I have a current landlord that inherited acreage in September 2014, but now is considering selling, possibly by public auction. Recent land auctions have sold at more than $10,000/acre. Are capital gain taxes calculated differently with inheritance? I was hoping to approach the landlord with the benefit of a private contract sale — savings on their taxes, no auctioneer commission, etc. I would like to purchase private treaty, since I’ve farmed this property for more than 40 years.

ANSWER:

When property passes from a decedent, its tax basis is adjusted to the fair market value (FMV) of the property as of the date of death. This is known as the “step-up in basis”...

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Ask the Tax Man with Andy Biebl

By Andy Biebl DTN Tax Columnist

QUESTION:

I have a current landlord that inherited acreage in September 2014, but now is considering selling, possibly by public auction. Recent land auctions have sold at more than $10,000/acre. Are capital gain taxes calculated differently with inheritance? I was hoping to approach the landlord with the benefit of a private contract sale -- savings on their taxes, no auctioneer commission, etc. I would like to purchase private treaty, since I've farmed this property for more than 40 years.

ANSWER:

When property passes from a decedent, its tax basis is adjusted to the fair market value (FMV) of the property as of the date of death. This is known as the "step-up in basis" rule, although technically property does step-down...

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USDA Reports: “Comfortably Numb”

By Darin Newsom DTN Senior Analyst

You know the feeling of eating to the point your mind goes numb, so you eat a little bit more? Domestic and global stocks of grain are looking at the same situation.

USDA will release its latest Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports at 11 a.m. CST Tuesday.

U.S. ENDING STOCKS

Average pre-report estimates for domestic ending stocks show slight increases for all three major grains (corn, soybeans and wheat). Most likely, these gains will come from decreases in demand with the latest weekly export shipment report showing marketing-year totals for soybeans trailing last year by 11%, wheat lagging by 15%, and corn behind last year's pace by a whopping 22%....

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