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Old October 30th, 2012, 07:54 PM   #1
alterego
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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?
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Old October 30th, 2012, 07:59 PM   #2
IDIeselman
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Now calling all the good tax attorneys of Greatlakes4x4.
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Old October 30th, 2012, 08:02 PM   #3
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If you're a farm then are you not already set up as a business? The way the farmers around here are buying new combines and throwing up 100'x200' barns I would think they're doing ok avoiding paying extra on taxes.
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Old October 30th, 2012, 08:25 PM   #4
jpr Jeremy
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If you're a farm then are you not already set up as a business? The way the farmers around here are buying new combines and throwing up 100'x200' barns I would think they're doing ok avoiding paying extra on taxes.
They're definitely doing something right, I've lost track of how many 30'x16' overhead doors we've installed in the last 3 yrs for mid mich. farmers.
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Old October 30th, 2012, 08:36 PM   #5
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They're definitely doing something right, I've lost track of how many 30'x16' overhead doors we've installed in the last 3 yrs for mid mich. farmers.
Seems like they all have in floor heat and the main front door is opened with giant hydro rams.
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Old October 30th, 2012, 08:37 PM   #6
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I would suggest a good accountant or financial advisor and not a board of random people.
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Old October 30th, 2012, 09:35 PM   #7
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I would suggest a good accountant or financial advisor and not a board of random people.
Blasphemy.
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Old October 31st, 2012, 05:36 AM   #8
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I know where you might find a tax guy.....

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Old October 31st, 2012, 08:29 AM   #9
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I say invest everything in corn.
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Old October 31st, 2012, 08:59 AM   #10
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I say invest everything in corn.
He probably did, that's why he now has extra money to invest.
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Old October 31st, 2012, 08:33 PM   #11
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bingo.
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