The tax package signed into law in Illinois this summer goes much further than the tax rate increase. While that increase is substantial, with rates raising from 3.75% to 4.95% for individuals and from 5.25% to 7% for corporations, other changes are significant.
In part 3 of 4 in the seires on buying and selling farmland titled, "Overview of Captial Gains Rules and the Family Farm," we looked at capital gains in tax law, the types of assets that fall under its rules, as well as investment properties, farm equipment, farm-use buildings, and other depreciable assets. In today's post, part 4 in the series, we discuss how basis is figured, how it changes...
If you're keeping up with the series on farm taxes and buying and selling farmland, in last week's post, part 2 of 4 in the seires, we discussed what qualifies as real property in the blog article titled "Farm Taxes - Property Types and Asset Classes." This week, we take a look at capital gains in tax law, the types of assets that fall under its rules, as well as investment properties, farm...
Very recently, members of our tax team had a lively debate about what qualifies as real property – and tax is our job! How would an average taxpayer know what qualifies as real property?
When you buy farmland, it is often the case that you are buying tillable acres and only tillable acres. Sometimes the farmland comes with buildings or other assets. Many times our clients tell us, “I bought 50 acres for $450,000” and wonder why we ask so many questions about it.
Of all the things raised on a farm, the most rewarding and the most challenging are always our children. At tax time, our kids bring us some extra joy. There are a variety of credits available to parents of children, and farm taxes can sometimes make the credits and deductions more or less valuable, depending on the situation.