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 […]
Do you need an Attorney?
Top 50 Questions about Farmland Yes, utilizing an attorney is highly recommended when selling farmland. At Whitaker Marketing Group, we work closely with attorneys to ensure smooth and efficient closings while addressing the unique complexities of farmland transactions. Why an Attorney is Important Addressing Legal Complexities: Encumbrances: Handling debts or liens on the property. Encroachments: […]
Do we have Investors?
Top 50 Questions about Farmland Farmland investors play an increasingly important role in today’s land market. When you sell your farm—whether by auction or traditional listing—these investors often help drive stronger competition and higher sale prices. Understanding who they are and how they operate can help you make more informed decisions. Types of Investors Farmland […]
What are the time limits for 1031 tax exchange?
Top 50 Questions about Farmland A 1031 tax-deferred exchange lets you reinvest the proceeds from a property sale into another like-kind property while deferring capital gains taxes. To make the most of this strategy, you must follow the IRS timelines closely. When you understand these deadlines, you can plan ahead and keep your exchange on […]
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 […]
Where do I find the abstract?
Top 50 Questions about Farmland An abstract is a crucial document that details the chain of title for farmland, tracing ownership back to when the U.S. government first granted the land. If you’re trying to locate your parents’ abstract, there are a few common places to check. Common Locations for Abstracts Safety Deposit Box: This […]
What time do I need to be there?
Top 50 Questions about Farmland A common question sellers ask is when to arrive for a farmland auction. While buyers often show up just minutes before bidding begins, sellers benefit from arriving earlier to review details, connect with the auction team, and ensure everything is ready for a smooth sale. Understanding the best arrival time […]
When does the buyer get possession?
Top 50 Questions about Farmland Understanding the farmland possession timeline is essential for both buyers and sellers during a farmland transaction. Most people assume possession transfers the moment ownership changes, but leases and purchase agreement terms can shift when full control is granted. Knowing how the farmland possession timeline works helps avoid confusion and ensures […]
What is a 1031 tax exchange?
Top 50 Questions about Farmland A 1031 Tax-Deferred Exchange, named after IRS Code 1031, allows you to defer capital gains taxes when you sell a property and reinvest the proceeds into a “like-kind” property. This strategy is widely used for farmland sales to maximize reinvestment and minimize tax burdens. How Does a 1031 Exchange Work? […]
