Posted by paul on May 15, 2012 at 06:58:32 from (76.77.196.252):
In Reply to: Cash Rent Contracts posted by Christos on May 14, 2012 at 12:48:49:
Whatever is agreeable to both sides.
Sounds like you have a crop-share type of rent, which is less common, but work well. Your family can share in better years, and the renter isn't strung out on poor years. These can be the 'most fair' type of rents over the long haul, to both sides. Your family may be considered 'actively farming' under a lease like this, and may be able to get tax deductions/benifits under this type of lease. See a tax person for actual advice on that tho. :)
If there is poor weather, or hail, or flooding or drought, you will get less income that year. If there is good weather, record crop yields, or record high grain prices, you will make out well. If things seem unfair somehow, might want to take the lease & sit down with an Extension agent from your area and get it explained to you, there are many many details and options on doing this crop-share in different ways. Perhaps you got shortchanged; on the other hand you might have had flooding or poor crop and just dodn't pan out this particular year.
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