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26 August 2015
Farmer downsizing; Moving on up; Rent guarantee; Community interests
Farmer downsizing
Can a gain on the sale of a farmhouse be rolled into the acquisition of another?
My clients own a farm which they plan to sell and will reinvest the proceeds in a smaller farm in order to downsize their activities. The main residence on the existing farm qualifies for full capital gains tax exemption but there will be a significant gain on the farmland.
The cost of the farm that they intend to buy including the farmhouse itself will be about the same as the sale proceeds of the land alone at the current one.
The farm operates as a partnership between the parents and their son. The parents will live at the farmhouse on the new farm while the son...
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