OK, Chick, I understand that part....so, what if the heirs are somewhat ignorant folks, and don't know that they have to get an appraisal performed???....where does their fmv price come from, when they decide to sell???
OK, Chick, I understand that part....so, what if the heirs are somewhat ignorant folks, and don't know that they have to get an appraisal performed???....where does their fmv price come from, when they decide to sell???
Southern Gentleman
He meant us. And we are.
And it's the same question I have.
WARNING - Due to the rising costs of ammunition, warning shots will no longer be given.
HAha, Bucky, I wasn't referring to ya'll ; just folks, in general, who don't know about this.
Southern Gentleman
Ed, I realize that it applied. I know you weren't calling names. But YES we are ignorant. Ignorance is not some vice. Everyone is ignorant. Do you know brain surgery? We're both ignorant on brain surgery.
I/we are just ignorant on many farm issues. We're learning, but no way do we have the knowledge and background that you and others here have. Geez. Also, we've not had the events occur that some of you have.
I'm a city boy. She's a country girl, but she wasn't involved in running the farm. She fed the troops. She helped run the house. But girls weren't involved in it, and she's now having to learn. Her brother, had he not had mental problems, would have been the main heir. But he's gone, with no spouse or heirs of his own...... And end result is that I figured we'd someday own this farm (or 1/2 of it), but I figured many years out, not 2010. I screwed up my taxes in 2011 and 2012 because of it, and almost bankrupted us. I hope I figured it out for last year, still waiting to hear from CPA. AND, we're finally going to see a lawyer about farm ownership, heir issues, tax issues, etc., but can't afford the one we want until the (hopefully) tax refund shows up. So......we're slowing getting there.
Meanwhile, these discussions help also..........thanks.
WARNING - Due to the rising costs of ammunition, warning shots will no longer be given.
Hey, boy, you calling me ignorant???....I DO know brain surgery because mine prolly needs some.
Southern Gentleman
Sorry guys, they're making me earn my keep today and I'm not getting much internet time. Of course, you would mention 2010 because there were a bunch of special rules for that year (story of Bucky's life) and you "might" not even get a step up in basis. Generally, the person who inherits property gets the step up in basis we've been talking about based on how much the property is valued (based on an appraisal) by the decedent's estate on the date of the person's death, or alternatively as determined by the representative of the estate, six months later. (Some earlier years even had different alternative valuation dates.) I'd have to check the rules to see what happens if no appraisal was done and I just don't have the time today. I'm sure I knew it at some point, but just practice all that much in this area. I suspect you may be SOL and get stuck with the decedents cost basis. (If you even know what that is.)
One thing I've learned over all these years is that there are the general rules and then there's the rules for farmers, fishermen and preachers. I would really encourage you to get a CPA who practices in this area.
"When the going gets weird, the weird turn pro." Raoul Duke
Yep, Chick, we got lucky in 2010, as far as significant tax regulations for farmers....it's changed a lot since then, and I hope ole Bucky seeks some tax advice, and doesn't get his butt reemed.
BTW, I did a little checking, and it appears, in the absence of an independant appraisal, that the heirs are allowed to use the most current land appraisal from their county property tax rolls....that will help the heirs, to some degree.
Last edited by Big Muddy; 02-24-2015 at 02:13 PM.
Southern Gentleman
I understand some of what y'all are saying.
But I see no way to get my 'butt reamed' as long as I/we don't sell this land. It's simply sitting there, generating lease (rent) income, and will be till we die. After that, I see a problem. But I don't see a problem now, or it would have already occurred, wouldn't it? Then again, I'm VERY naive here.
Still, we will be visiting a lawyer soon about all this. Hopefully I'll learn a lot.
WARNING - Due to the rising costs of ammunition, warning shots will no longer be given.
No issue unless you sell or until you die (possibly).
"When the going gets weird, the weird turn pro." Raoul Duke
Ya'll are both correct....that's the butt-reaming I was talking about....so, don't kick the bucket or sell anything.
I'd be interested in what your lawyer says, Bucky....let us know how that goes for you.
Last edited by Big Muddy; 02-24-2015 at 08:20 PM.
Southern Gentleman
No selling.
Not sure about dying. Have multiple fatal diseases, including breathing.
WARNING - Due to the rising costs of ammunition, warning shots will no longer be given.
In the immortal words of Clint, "Dying ain't much of a living, boy."
Southern Gentleman
Posting Permissions
Reply With Quote