Tax Planning When Buying or Selling a Farm NCR-43

Review

The purpose of this publication is to help farmers better understand the tax responsibilities that go with purchasing or selling a farm business.  It will help beginning farmers set up the best methods of calculating and reporting income tax resulting from a farm business. It will help retiring farmers better understand the tax consequences that result from selling a farm.  Appropriate planning on both ends of the farm business cycle may save many thousands of dollars.  This publication is not intended to replace professional consultants, attorneys and accountants.  Is does however give readers a good foundation to start tax planning.