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 […]
Can I sell my interest in the farm?
Top 50 Questions about Farmland Yes, you can sell your interest in a farm, but the process depends on several factors, including how the ownership is structured and whether the farm can be physically or legally divided. Here’s what you need to know. Key Considerations Before Selling Your Interest 1. Ownership Structure Tenants in Common: […]
Frequently Asked Questions about Farmland
Welcome to our exclusive video series featuring David Whitaker, a distinguished real estate broker specializing in Iowa farmland. In this collection, David addresses the most frequently asked questions about buying, selling, and investing in farmland. As you explore each video, you’ll gain practical insight directly from an experienced professional. Additionally, if you’d like a full […]
What is the best time of year to sell?
Top 50 Questions about Farmland The best time to sell farmland depends on factors like market conditions, seller goals, and timing needs. While specific months may see higher activity, the ultimate answer is: the best time to sell your farm is when you’re ready to sell. Key Considerations for Timing Full Bins Sell Farms: Farmers […]
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: […]
How soon can we close?
Top 50 Questions about Farmland The farmland closing timeline is one of the most common questions sellers and buyers ask. While the typical farmland closing timeline is around 45 days, it can vary based on the structure of the deal, financing, title work, and how quickly each party completes their requirements. Understanding this timeline up […]
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 […]
