NEWHunter
Well-known member
Make sure if you sell, you 1031 it in to the new property. Do not pay the tax on it! Good luck.
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1031 works great, but you need to do it when you sell the first property as the funds will go to the 1031 company, not to you.Make sure if you sell, you 1031 it in to the new property. Do not pay the tax on it! Good luck.
A few have some agriculture or grazing options but those generally aren’t enough to even make an interest payment.I just hate to see large parcels split up. That kind of thing has ruined a lot of the farms around here.
Have a place next door that was originally an 80 acre farm. Over the course of my lifetime it has been split up multiple times, selling parcels to family, divorces and changed circumstances forcing sales to non family, etc. What once had one farm house on it now has four houses on it, so a lot more people, dogs, driveways, wells, etc. and general disturbance on what was once a pretty peaceful single farm property.
If there is any way you could generate some income off the place and keep it intact, I would try to do so.
Could you lease hunting rights or cash rent for grazing or AG production on some of it?