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Starnieuws - (B.W.-)eigendom in Suriname?

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Use of like-kind exchanges could be at risk under Biden tax plan


Use of like-kind exchanges could be at risk under Biden tax plan
Under Biden s proposal, future Section 1031 exchanges could be used to defer taxes on gains of no more than $500,000, a cap that would fall particularly hard on states such as California, Illinois and Iowa that have relatively high farmland values.
Written By:
Philip Brasher / Agri-Pulse Communications |
9:49 am, May 13, 2021
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Like-kind exchanges typically work like this: A farmer who sells a piece of property and then buys a second piece of property doesn’t have to pay capital gains on the first tract until the second one is sold, and the farmer won’t owe any taxes if he or she dies without selling the second tract. (Agri-Pulse photo) ....

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Biden Plan Limits Tax Break Used by Farmers


Biden Plan Limits Tax Break Used by Farmers
© Rachel Mummey/Reuters
President Biden has said his tax proposals would make big business and wealthy investors pay their fair share.
His package would also likely deliver a blow to American farm owners by limiting a longstanding tax break. The provision allows landowners to defer paying capital-gains tax when they sell investment property and put the proceeds toward the purchase of other real estate.
Farmers for generations have used the tax break to cheaply and quickly relocate farm operations to lands with better soil, diversify the crops they grow and consolidate land holdings. Some have used it when exiting the farming business at retirement. Farm owners in 2012 held 915 million acres, about 40% of the land in the continental U.S. ....

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