south central WI | Hick - 3/25/2024 11:48
I Al ways have wondered why it’s greedy to want to sell a house/land you have no desire in using.
Personally as a farmer, I support none farming siblings selling off the family land.
They can get $1,000,000 tax free at the age of 60 or collect a taxed rent check for $30,000 the next 20 years. It’s a no brainer. Sell sell sell.
CDs are at 5, that’s $50,000 and the original $1 million is still in the bank.
How else are farmers going to buy land if their isn’t sellers?
If my kids don’t farm I will sell off a few hundred acres to live large in retirement.
That's great for financially responsible people. They can sit on the money and spend the interest. Unfortunately many would see the million in cash and spend it, or use it to help spend 3 million and be worse off. Collecting a $30k rent check now, maybe a $40k in 10 years, and even more after that, while still keeping the original land which is gaining equity, would be the best option. |
Selling Shared property
