All Forum Posts by: Mary Lea McTurnan

  ABSOLUTELY NOT  1031 has time restrictions to identify and purchase like kind and typically you'll  buy a more valuable and thus more expensive Rev gen property to avoid the punishing penalties paid on the 

Boot( cash in ha d because you selected an exchange property that was fewer dollars than The sale price of last property go to irs site and read sec 1031 it's been there a hundred years it's really clear 

This is terrible advice all of it . Message me. I'm a landowner in multiple Counties in Indiana . Farming is for REAL here and inventory is low so prices are high . I'm

Not selling , but I can tell you the economic model and how to Valuate Ag land

I'm going to advise you to sell your share to your cousin if at all possible. your aunt overpaying taxes is her opinion . It's an LLC so her statement is irrelevant . You don't know the area the industry and you and your cousin won't agree on how to make more than 2% of asset value . I WOULD take a look at the minkcipal plan to see if economic development money is in your future and make some calls to land agents and take a look at site selection magazine online p

I had a 40 acre orchard in Santa Barbara sold 20 years ago but I've checked and the retired rock star who purchased it has had it on and off the market at incredibly low figures - check 1500 farren rd Goleta ca93117 could make an off Market /private agreement if you'Rare super motivated . I was 19 and attending UCSB when we bought it. I ran the orchard- it wasn't brain surgery and I come froM a business family - agriculture being one of them . Sold it for a bundle but lookS like next guy may have had any number of problems and needs to sell 

That's not random at all and it's a smart question . Here's the deal in Indiana - first you Accesss the county or municipal plan. If your parcel is in a 'future use zone' that matches some type of development you have the interest and capacity to effect, apply for zoning that your development will demand And for annexation into the city limits for the water / sewer etc etc Seevices your development demands. You can google the processes named above . This next element is KEY-- 'Devolers Discount

Which means your tax base remains AG until the land is physically developed and not merely an idea. So you've captured value by rezone and annexation  before a single earth mover fills a bucket . I don't know where your parcel is, but certainly hope it is very very near major highway and across the road from the city lImito

Kevin - I don't quite understand . Opportunity 'because people coming in from other states to leave'. Do you mean people are moving to Indiana to leave other states ?

A situation: Several trusts ending, soon. A couple contain prime Development ground. 2 siblings are remaindermen. They have very different approaches to business. Could the proceeds from a few large development sales be 1031d to an UPREIT and then liquidated at step-up, easily and separately , by the siblings upon trust termination ? What can be expected regarding range of loads for UPREIT participants, and is this a valid strategy to bifurcate some assets without triggering a massive tax event ? Thank you