How do we dissolve an LLC?
Top 50 Questions about Farmland Dissolving a Limited Liability Company (LLC) is a multi-step process that ensures the business is closed legally and all financial and legal obligations are addressed. While consulting an attorney is recommended, here’s a general guide to help you understand the process. Key Steps to Dissolve an LLC Review the Operating […]
Do we need an appraisal on the farm?
Top 50 Questions about Farmland Whether or not you need an appraisal depends on your specific situation, such as selling, settling an estate, or determining tax basis. While an auction often serves as a live, real-time appraisal, there are instances where a formal or certified appraisal is necessary. When Do You Need an Appraisal? For […]
Can you manage my farm?
Top 50 Questions about Farmland Yes, we can! At Whitaker Marketing Group, we offer professional farm management services to ensure your land is managed with care, expertise, and dedication to maintaining its productivity and your family’s legacy. Why Consider Farm Management? Farm management is ideal for those who: Have inherited farmland but lack agricultural experience. […]
What is a tax basis?
Top 50 Questions about Farmland Tax basis is the starting value used to determine the gain or loss when you sell an asset, such as farmland. It plays a critical role in calculating taxes and can significantly impact your tax liability. How Tax Basis is Determined Initial Basis: If you purchased the farm, your basis […]
What is a closing disclosure?
Top 50 Questions about Farmland A Closing Disclosure is a detailed document that itemizes all fees, costs, and financial details for a farmland transaction. It ensures transparency by breaking down expenses for both the buyer and the seller. What’s Included in a Closing Disclosure? Buyer and Seller Sections: Both sides start with the same total […]
What do I have to pay for taxes?
Top 50 Questions about Farmland When you sell farmland, you’ll navigate three primary types of taxes. Understanding how each tax works helps you plan ahead, meet your obligations, and protect the value of your sale. 1. Property Taxes Timing: In Iowa, property taxes run a year in arrears, so you pay this year for last […]
What is a 156 form?
Top 50 Questions about Farmland The 156 Form is a vital document for farmland owners, often referred to as the “pedigree” of your farm. It provides detailed information about your farm’s characteristics, usage, and participation in government programs. What Information is on a 156 Form? Acreage Details: Total acres. Crop acres. Tillable acres as recognized […]
How and when do you serve lease termination?
Top 50 Questions about Farmland In Iowa, lease termination is a critical step when planning to sell farmland that has a tenant farmer. Here’s what you need to know about the process and timeline. When to Serve Lease Termination Termination Deadline: Notice to terminate a farm lease must be served by September 1 of the […]
Can I Sell My Farm If It Is Leased Out?
Top 50 Questions about Farmland Many landowners wonder whether selling leased farmland in Iowa is possible, and the answer is yes. Whether your farm is currently under a lease or has an open lease agreement, Iowa law provides several options that allow you to sell successfully while maintaining compliance and transparency. Key Considerations When Selling […]
Utilizing IRS 1031 and Farmland
A 1031 exchange, also known as a like-kind exchange, allows landowners to defer capital gains taxes when selling qualifying property. Instead of paying taxes immediately, the seller reinvests the proceeds into a similar property. For farmland owners, this strategy can play an important role in preserving capital and repositioning land investments. What Is a Like-Kind […]
