I think the main deal with a LLC is it's supposed to protect your private part of your estate.In kansas if your land is in an LLC or trust you can't get landowner permits.I know pretty stupid
That can be true, especially at the state level in my experience. You can run losses for multiple years but it has to be reasonable and part of the operating plan for future income. Tons of startups lose millions or even billions per year for many years before they become profitable and it’s totally legit.
I didn't have to worry about taxes changing from ag to rec because I have timber harvest history and ag fields that we farm.Also the rest was in CRP but my neighbors went up 10X in one year and they had to protest and still pay that year.We went in and planted walnut trees and identified some wolf trees that needed cut around them.I can actually claim all my mileage to and from the farm but I don't seethe need to draw extra attention even if legal
I would talk to a lawyer that knows trusts and LLCs.I have a revocable trust and when I die whichever child I left a parcel of land to will receive without inheritance tax as they will have a 1 time step up.If you are going to use current equity to buy more land check into a 1031 and you might be interested in podcast American Land Man and The Land Podcast
This is interesting, is there a benefit only if over a certain $$$? Trying to think of how I want to set up my house with the land (these are separate from our main house). We do have the beginning of an apple orchard on it.
