So You Have Inherited a Farm

Michael Duffy and John Baker

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: Inheriting a farm can be both exciting and frustrating. Some people know exactly what they would like to do with the farm, but many do not. A number of questions and issues must be addressed before the final decisions are made. Farmland heirs have three choices of what to do with an inherited farm: farm the land, keep it as an investment, or sell it. A number of options are available within each of these three alternatives. Heirs must remember that there can be significant differences in the tax consequences of the various options. Legal counsel should be obtained before deciding what to do with an inherited farm.

Date: 2001-07-01
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:2028

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