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here I go thinking again LONG
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Posted by Rich Iowa on August 11, 2006 at 20:23:25 from (205.188.117.14):
I decided to give up the farming thing for a while... or so I thought. After this year I was gonna sell my equipment but my tractor and sickle mower. Well, I was up at my cousin's in NE Iowa and found a farm I want real bad. Little background... my aunt remarried last year to a real nice guy whose mom still lives on the farm. Unfortunately, her health has gone down hill lately and she has moved to a nursing center. From what I've been hearing, when she passes away my aunt's husband and sister are probably just going to sell the farm. The farm appears to be around 200 acres, maybe more. Currently the land is being rented out, but the buildings are sitting empty. All the buildings are in great shape as is the machinery, his dad took great care of things. This place has every thing I'd need to get started, JD 4440 and 4430 tractors, JD 7720 TitanII, 6 row equipment, hay equipment, livestock feeders, the fence posts they took out are behind one of the sheds in a neatly stacked pile, there's even a couple old tractors that'd make good restoration projects. My idea is to talk to them about renting the place, working towards buying the land and equipment as a whole. I've heard there are programs thru the IRS, county FSA offices, and so forth that give landowners tax breaks and other benefits for helping young farmers get started. So my question is, where do I need to look to find information on these programs? I'd like to do as much as I can before I approch them with this idea.
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