Leasing vs. Buying: Which is Best for You?
When it comes to acquiring farmland, one of the most significant decisions you’ll face is whether to lease or buy. Both options have their advantages and drawbacks, and the right choice depends on your financial situation, long-term goals, and operational needs. Let’s explore the pros and cons of leasing versus buying farmland to help you […]
The Essential Spring Planting Guide for Farmers: Preparing for a Prosperous Season
As the last frost of winter thaws and the first green shoots of spring begin to emerge, farmers across the Midwest are turning their thoughts to the most critical time of the year: spring planting season. This period sets the stage for the year’s harvest, making preparation and timely action crucial. This guide offers comprehensive […]
Can we 1031 into a new building?
Top 50 Questions about Farmland Yes, you can use a 1031 Tax-Deferred Exchange to reinvest proceeds from selling farmland into a new building or facility. This process—called an improvement exchange—lets you defer capital gains taxes while shifting your investment into structures such as hog barns, cattle buildings, or machinery shops. How an Improvement Exchange Works […]
Can we sell personal property with the land?
Top 50 Questions about Farmland Yes, you can sell personal property, such as farm equipment, alongside your farmland. At Whitaker Marketing Group, we offer a comprehensive solution that includes both farmland and personal property sales, ensuring a seamless and efficient process. Why Combine Land and Personal Property Sales? Convenience: Selling everything together simplifies the process […]
How can I add more value to my farmland?
Top 50 Questions about Farmland Adding value to your farmland starts with improving its productivity, usability, and appeal. In Iowa—where farmland values are largely driven by production agriculture—strategic improvements can significantly increase what your property is worth. By focusing on efficiency and buyer expectations, you can make thoughtful upgrades that pay off. Strategies to Add […]
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 […]
Selling a farm if it’s rented or leased?
Top 50 Questions about Farmland The short answer is yes, you absolutely can.But there are a few important things to understand about how leases work in Iowa. How Lease Termination Works in Iowa In Iowa, lease termination must occur by September 1st.If you did not serve lease termination, we can still sell your farm. The […]
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 […]
