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Re: converting residential acres to agricultural
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Posted by Do Not Lie on March 12, 2002 at 11:36:41 from (130.74.184.124):
In Reply to: converting residential acres to agricultural posted by Tim, Ohio on March 12, 2002 at 07:43:08:
The suggestion of renting to the neighbor and handing it back to him can set you both up. If he gets audited and must either account for $2500 rent for land he did not use or account for the $2500 for custom work he did not do someone will get bit in the Butt. Assuming 10 acres of your land is farmable you would need to generate $250 an acre for three years in a row. If professional farmers could do this most of the farms that have closed down over the last 20 years would still be in business. You have not stated how much of a change this would make in taxes. Ponder this point, if the law required that the land could not be subdivided and sold for development for 50 years would you still accept the tax discount. If the purpose of the land is for production agriculture then go for it, if the purpose is for recreation and hobby work does it truly qualify. An hour in your lawyer's office might be more beneficial than twenty posts on this forum.
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