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Thumb of Michigan | I don't know the guy, no clue what capital gains exposure he may have. If I wanted to retire and sell the farm, there are worse things that could happen beside paying capital gains taxes and walking away with the cash. Now, before you go off on me, I hate capital gains taxes. Deplore them, I won't even try to defend them: but its still the cheapest tax beside sales tax I can pay "here" anyway. If I had to bet on what capital gains taxes are going to be in the future, I'm betting its going to be more. Just a guess, I'd like to see them go to zero. I think more is going to happen before zero is. Regardless, I guess I've never really understood the reluctance to capitalize on something to avoid paying capital gains taxes if a person just wants to walk away with the cash.
I mentioned condo's as an example- there's lots of different investment type stuff available ( that qualifies for 1031 treatment) at deep discounts to 5 years ago. No secret there, and like I said I don't know the guy at all. He may want to invest in Beanie Babies for all I know. I'm assuming if farm land was attractive to him right now, it would be a little odd to be selling farmland. I shouldn't assume anything, but I will just the same. I have a couple of farms I'd like to trade into something else real estate wise right now, but that's just me. I have no interest at all in trading into 6 to 8K row crop land, and maybe I'm missing an opportunity with that sentiment. Won't be the first time. | |
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Kansas guys get out your checkbooks for this one...
