Posted 3/17/2024 12:11 (#10668528 - in reply to #10668338) Subject: RE: Anyone downsize their farm operation? How did it go?
North Central Illinois
The other tax issue can just be getting bumped into a higher income tax bracket with the drop in expenses from less rental acres and inputs. Mostly an issue if you're deferring sales into the next year a lot.
Don't stick with a less than ideal situation just to avoid paying taxes but worth considering timing and doing things in steps to make the most of your opportunity.
Anyone downsize their farm operation? How did it go?
