The build-up of farm assets over decades of hard work can produce significant tax liabilities when it comes time to sell. It is important to align yourself with someone who has the knowledge, experience and creativity to explore all of the options available to maximize your after tax result.
In order to structure the best deal for you it takes someone who understands the procedure for a sale. Our in-depth understanding of both farms and sales from a tax perspective enables us to advise you on the sale method (whether it is auction or other) that minimizes the tax to be paid. We understand the massive amount of money that can be lost during a sale to taxes if you are not informed of a different manner of selling certain assets given your individual situation.
By reviewing your tax position we gain a very strong understanding of your particular farm and develop a custom strategy for you. This individually designed farm sale strategy is what saves our clients immense amounts of tax in most transactions, and puts that money into your pocket, not the tax man’s.
The sale of your farm or ranch is likely the largest single transaction to be completed in your lifetime. We offer the comfort of experience and knowledge from a company who designs these transactions every day.
Real Estate File Checklist
Land descriptions acres, etc.
Land use-descriptions with crops harvested
Property assessment and tax notice, taxes paid until _________?
Property features (feature page)
Oil leases/mineral titles
Grazing leases/cultivated leases
Irrigation district? Licensed acres?
All licensing for ‘intensive operation’1
Home details, sq. ft., bathrooms, bedrooms, description of each
Any other buildings, dwelling, etc? Which piece of property _________?
Pictures (outside, home, buildings)
Farmland Calculation Report – Including “General Assessment” and property tax amount3
AFSC – Statement of Reported Production5
1 – Feedlot, dairy, hogs, etc. (including water, manure, lagoon licenses, etc.)
2 – Dairy barns, irrigation pumps, etc.
3 – County offices – Public record
4 – Pivot center within county setback requirements
5 – Call the AFSC office at 1-877-899-2372, give your legal land descriptions, and ask for you ‘Statement of Reported Production’
6 – You can also call AFSC office at 1-877-899-2372 to get your information