Tax Haven Advise?
We will likely make some money this year at our farm operation.
Can any one tell me if there is any thing I am missing on purchasing property and not claiming the money spent on the property as an income and paying taxes on the money used for the down payment etc. Obvious the interest on the loan would be deductable under the right circumstance, however I am wondering if there is a way to set up an LLC or a corporation, have the business buy the land and pay an exorbatent amount of land rent to the business to fund the LLC purchase of the land.
If you do this, how do you then sell the land 20 years latter and or will the property over to your kids?
has any one here done this or something similar when it comes to property purchase?