721 Exchanges for Farmland
Roger McEowen and I will be part of a Roundtable Discussion on Section 721 Exchanges for farmland on Wednesday, July 31 at 11 am CT.
Section 721 allows owners of real estate including farmland to transfer their land into a “fund” on a tax-deferred basis and if you pass away owning the fund your heirs receive a step-up in basis to fair market value and should escape owing capital gains taxes if they sell the fund at that point in time.
Commercial real estate has offered many funds that allow commercial real estate owners to defer taxes using this process. However, until now, there really has been no Section 721 exchange fund for land.
The Legacy Farmland Fund now offers this as an option for many farmland owners. Roger McEowen and I will be part of a roundtable on Wednesday July 31 at 11 am CT to discuss how this works from a tax standpoint.
If you would like to register for the roundtable, click this link.