Chris Nolt, the author of Financial Strategies for Selling a Farm or Ranch, provides an excellent overview of the issues involved in completing the successful sale of a ranch or farm, and of the tax traps that many unprepared property sellers fall into.
After a lifetime of hard work – sometimes over generations – when the time comes to sell their ranch or farm, many families don’t realize how high the stakes can be. Failure to plan ahead, or improper planning, can cost families much of the potential value vested in their properties.
Two of Nolt’s favorite vehicles for legally and efficiently minimizing capital gains taxes on the sale of agricultural properties are the 1031 Tax-Deferred Exchange and the Charitable Remainder Trust.
On this edition of RANCHCAST with LEM LEWIS, Chris spells out the advantages of both 1031 Tax-Deferred Exchanges and Charitable Remainder Trusts, and also the restrictions that apply to both.
