A new tax law was proposed that could impact one’s future plans to sell or transfer farmland from one generation to the next. The Biden Administration has recently proposed changes that would put a limit on capital gains eligible to be deferred to $500,000 per taxpayer (or $1,000,000 for married couples if filing jointly)…
There is a proposed law on the congressional floor that could impact estate planning and, unfortunately, gifting properties are not exempt. Currently, it would take approximately 3,700 acres of land to reach the now $11.7 million estate tax exemption for both estate and gifting.