Tag Archives: Farm

Giving Away the Farm

Today TaxMama hears from Richard in the TaxQuips Forum who is generous to his son. “My Son retired from the Army and moved into a house that is on a small farm I inherited. He wanted to make improvements to the house and didn’t want to wait until we passed on to the happy “hunting ground” […]

He Bought the Farm

Today TaxMama hears from Barb in the TaxQuips Forum with a simple question.  “The farmer is selling his farm, and everything on it, to his son for $1.  The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797?

Farm, Nutrition, and Bioenergy Act of 2007 (Farm Bill)

HR 2419: To provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes. Highlights: -Prohibits persons with adjusted gross non-farm income of over $500,000 or adjusted gross farm income of over $750,000 from receiving certain types of subsidies (Sec. 1604). -Requires the Secretary of Agriculture to spend $991 million during […]