Taxes

What the New Tax Law Means for Agriculture

New article May 16, 2018 by Farm Credit Bank of Texas (land.com) The largest overhaul of the U.S. tax code in three decades went into effect this year, impacting farmers, ranchers and other rural landowners in a variety of ways. For the most part, financial experts anticipate benefits for these groups. “The 2018 tax law changes include several items that I feel will be beneficial to agricultural producers,” says Burl Lowery, a Brownwood, Texas, certified public accountant and director of Central Texas Farm Credit. “The increase in the exemption in estate and generation-skipping taxes to $11.2 million in 2018 will …

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Questions and Answers with George Clift, ALC

George Clift was recently interviewed for a question & answer article in the January 18, 2018 issue of the Farm Journal LandOwner Newsletter.  See the article here. There are other articles about the New Tax Bill and Farmland Values you may also find interesting.  Click here to read the entire newsletter.

1031 Exchange Thoughts from David Fisher, Creative Real Estate Strategies

For years, Congress has been thinking of making changes to 1031 exchanges but no one really took them seriously. Well, I think that we better start taking them seriously now because the general consensus is that they are going to make changes and it’s going to happen sooner than later. And it probably won’t be pretty. Read Article

1031 Exchange Trends for 2016

From the 1031 Insider Newsletter, IPX Investment Property Exchange Services, Inc. January, 2016 FIRPTA – What the Change to FIRPTA Withholding Means for You Under current federal law, if a foreign person sells US real property, the buyer is obligated to withhold 10% of the gross sales price and remit this to the IRS. Pursuant to the Protecting Americans from Tax Hikes Act of 2015, however, which became law on December 18, 2015 (the “PATH Act”), the required 10% withholding will increase to 15% for all closings occurring on or after February 16, 2016. There is an exception to the …

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Outlook for Texas Land Markets

Outlook for Texas Land Markets.  It’s been a great conference in San Antonio this week. Currently, Joe Outlaw is discussing the changes to the Farm Bill.  Six Clift Land Brokers representatives are here at the conference.  Just another way for us to stay up on land issues and continue being the Land Experts. Why would you go any place else for your farm and ranch real estate needs?

House Committee Passes Bill to Repeal Death Tax

House Committee Passes Bill to Repeal Death Tax Source:  Western Livestock Journal  A divided House panel passed a bill March 25 that would repeal the federal estate tax-the “Death Tax.” The House Ways and Means Committee voted 22-10 to approve H.R. 1105, the Death Tax Repeal Act of 2015, introduced by Representatives Kevin Brady (R-TX) and Sanford Bishop (D-GA), sending it to the full House. Continue Reading…  

Thinking Outside the Bowl Tax Deferral Strategies

  I don’t know about you but every time I get a tax bill, I get mad. Its not that I mind paying my fair share of taxes because I don’t but rather because I know that my tax bill will be more than last year and my taxes will be wasted. I want my taxes to go to helping minority kids get educated, fixing infrastructure and providing benefits for military families while their loved ones are deployed all over the world protecting our way of life. Instead, my hard earned income and yours is going to help some member …

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Higher Tax Rates on Land Sales

by Andy Biebl, CPA With the slowdown in farmland appreciation, we may see retired landlords and investors willing to sell. But there is a new barrier; higher capital gain rates. With land sellers now often facing 23 to 25% federal rates plus additional state income taxes, we will see sticker shock and an unwillingness to deal. As we learned coming out of the Reagan era, higher capital gain rates suppress selling activity; lower rates stimulate ownership changes. THE NEW RATES.  Previously, a large gain from the sale of farmland was taxed at a flat 15% federal capital gain rate regardless …

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