Billy - I ain't no tax expert, but my attorney advised us to get a certified appraisal of our farm when we turned the ownership over to the kids. It appeared that you could make your own value of the property, but the attorney advised against it. In the future, it could come back and bite you without the appraisal. We kept a lifetime dowry on the property. Keep in mind that our place is not worth as much as these other guys' places.
A local attorney is needed - too important to guess at. . .
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