You Inherited Farmland

The Tenant, the Rent, the Lease Deadline, the Taxes, the Siblings, and the Offers

von Nathan Early

136 Seiten, Taschenbuch

Kurzbeschreibung des Verlags

The farm came with a calendar. This book tells you what's on it.When farmland passes to heirs, the deadlines don't wait for the estate to settle. In several farm states, a handshake lease renews on the same terms unless written notice is served by a fixed date. A Conservation Reserve Program contract can be lost in sixty days. The appraisal that sets your tax basis is easiest to get right in the first year. Miss any of these and the cost runs into thousands of dollars, sometimes much more.This is a practical guide for the heir who doesn't farm, may live far from the land, and wants to get the decisions right. It covers: - What you actually own: cropland acres, tile, easements, CRP, buildings, and the county and Farm Service Agency records that show it- Who has authority to act after a death, and the deadlines already running- The first conversation with the tenant, and what not to promise- Cash rent, crop share, flexible, and custom farming arrangements, and what to do about an oral lease- Whether the rent is fair, using public rent surveys, soil productivity ratings, and a credit for the work the tenant does for free- Lease notice rules in Iowa, Nebraska, Illinois, Indiana, Kansas, and Ohio, how to find your own state's rule, and how to serve notice so it holds up- Writing a lease that protects an owner who lives far away- Hiring a farm manager, and the conflicts of interest to ask about- Stepped-up basis, the date-of-death appraisal, how rent is taxed, and the special use valuation trap- Federal farm programs, CRP succession, and what happens when a contract expires- Owning with siblings: co-ownership agreements, LLCs, buyouts, and partition- Keeping or selling, how farmland auctions and listings work, selling to the tenant without underselling, and the offers that arrive from developers, pipelines, and land buyersFour playbooks put the steps in order for the out-of-state heir, siblings sharing a farm, the surviving spouse, and a sale in the first year. Five composite case files show what the mistakes cost. A tools section includes a parcel inventory, a ninety-day checklist, a rent worksheet, a lease clause checklist, a sample termination notice, and a method for looking up any state's rules.The examples center on rented cropland in the Midwest and Plains, where most inherited farmland sits and where the lease deadlines are sharpest. The rules that apply everywhere are covered nationally.This book is general information, not legal or tax advice. It is meant to make you a well-prepared client and a hard person to take advantage of.

• Reihe: Independently published
• ISBN: 9798175956727
• Sprache: Englisch
• Erscheinungsdatum: 20.09.2026
• Größe: 229 x 152 mm
• Verlag: Independently published