FTC Episode 343: Tax Strategies for Passing Land to Others: The 1031 or 721?

If you are involved in farming, there’s a good chance your family owns some land. That land may have a lot of value and passing it from one generation to the next, whether that is inside or outside the family, can have a lot of consequences attached to it. It can be difficult to maintain family harmony and the sellers often want to have a plan in place to not see taxes eat up all the profit. We discuss a 721 plan, a method that many of us may not know. See omnystudio.com/listener for privacy information.