Succession Planning: Tax Implications Upon Retiring and Selling the Farm to Third Parties


This presentation will provide details of what the tax implications are of selling farm operation to third parties.

Who will benefit

Farmers who are looking at retiring from farming operation, but don’t have the next generation taking over.

Participants will learn:

  • The options available to defer and reduce tax with proper planning
  • How renting land out might affect the qualification of land for the Capital Gains Exemption
  • Dealing with different asset sales such as (1) land & buildings, (2) machinery & equipment and (3) inventory

*Note: This presentation is also part of a special “The Future of Your Farm: Farm Succession Workshop” which is presented in conjunction with a lawyer and financial planner. Other topics as part of that workshop discussed are: Succession Planning: Transitioning the Farm to the Next Generation and How the Capital Gains Exemption Works.

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