Date of this Version
Farm and Ranch Management News (May 8, 2020).
Also available at https://farm.unl.edu/accounting-ag-step-while-passing-down.
Through this article, I hope you’ve gained a better understanding of the basics of a step up in basis. A step up in basis can be viewed as an opportune time to sell long held farm ground that appreciated in value, with little to no capital gain issues. It plays a vital role in estate planning. In the individual case of each farmer/rancher, how the step up in basis might work for your operation varies on many specific circumstances. Developing an estate planning team that includes professionals such as an attorney and accountant, as well as, investment and insurance advisors will help you develop a strategy that works best for you. If you have questions please feel free to reach out to me, Austin Duerfeldt – Nebraska Extension Agricultural Economist.
Agribusiness Commons, Agriculture Law Commons, Entrepreneurial and Small Business Operations Commons, Estates and Trusts Commons, Management Information Systems Commons, Other Business Commons, Other Economics Commons