Biden Tax proposal
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Started by wglassfo - April 28, 2021, 9:39 a.m.

I can see a lot of farm heirs not selling the land due to capital gains taxes. Farms passed down through the family are exempt. So what kind of family arrangement happens with two daughters in town and 1 son who wants to farm

The son will pay rent to his sisters to infinity as near as I can see, or the sisters force a sale and pay the tax and run with the left overs. Son bids on family farm and maybe doesn't bid high enough

Tough decisions and every family will have a new set of parameters

Bet you a lot of wills will be changed if the tax becomes law

Also if you own a house and other assets, this will also present a problem if nobody in family is able to live in the house and pay rent to siblings for siblings share of estate

Siblings may want cash even if tax is due as money in hand is powerful incentive

I know: Our son who does not farm wants all cash for his share of estate. Farmer son wants farm assets

Son not farming sees low ROI if land is his share of estate. Cash pays off the mortgage on a high priced house in town, maybe some left over to buy a boat or???

So far in Canada our capital gains tax is not very much. Probate is a higher bill for estate planning

The person who sells the land gets the big tax bill. Grandson maybe wants to sell out. All daughters and a son with no interest in the farm. Fine, let him pay the tax, or his estate.

We have different tax laws and capital gains tax laws

By mcfarm - April 28, 2021, 3:59 p.m.
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we HAD different laws as well. Biden wants bus tax at 29 and 40 for us poor folks......mighty strange way to stimulate the economy...of course the idiot also came out with a 90 b dollar proposal so the IRS can beater chase  us and close down conservatives groups...hell why not ask Obama....they got caught red handed back then and just h0ow much time did anyone get in jail....right L Learner? you cheatn' crook