Iowa Bound...Wish us luck!

[KaiB]

As you may know, Audrey and I made the decision months ago to leave Oklahoma for the county in Iowa where she grew up (and where her family has farmed for five generations).

Well...seems we have a buyer for our OK farm...and it seems we have found property in IA! If the stars all line up just right, and if ya'll could cross your fingers for us...the 1031 will go off without a hitch and the start of a big dream will occur. Worst case scenario leaves us with a hefty capital gains issue, but things couldn't be better than they are at the moment.

We are going up in three weeks. Will post photos. I dare not say much about location yet, as we will make offers on adjacent land also.

 

[Cacinok]

good luck kai b. lot of nice people in iowa.

 

[rox]

Good Luck!!!!!!! I hope your dreams come true. Keep us posted.

 

[elalexander]

Good luck KB. Don't let anyone steal your dreams. As for the capital gains, you are allowed so much for a home sale in your lifetime, I don't know about a farm however. Anyway, I'm happy for you and your family. Drive safe and keep us posted, EL.

 

[weldingisfun]

Be sure to stop by this place. Wish I could see it myself.
http://www.tractorbynet.com/forums/rural-living/105405-not-just-another-rock.html
Good luck to you.

 

[marimus]

Good luck, and don't forget the pictures! Lots of pictures!

 

[jinman]

Well...seems we have a buyer for our OK farm...and it seems we have found property in IA! If the stars all line up just right, and if ya'll could cross your fingers for us...the 1031 will go off without a hitch and the start of a big dream will occur. Worst case scenario leaves us with a hefty capital gains issue, but things couldn't be better than they are at the moment.

Congratulations and good luck with your relocation. Keep us informed of your progress. We like success stories.

 

[EddieWalker]

Sounds exiting!!!!

The 1031 exchange has always interested me, since I hope to sell my place one day when I retire. It's not something I have any knowledge on, and I'd love to hear more about it.

Thanks,
Eddie

 

[randy41]

good luck to you....
if your farm is your principal residence then the first $500,000 of gain on the sale is tax free. a 1031 is available for business property only. i'm guessing that you have consulted a qualified professional. seems like if your farm is your principal residence then the 1031 is available for the non-residence portion of your farm.

 

[schmism]

what part of IA?

(dont know why you would) but if you find yourself passing through STL look me up.

 

[KaiB]

Thanks all; I'll know if we can pull this off by the end of the week.

This is a straight farm to farm 1031. We have lived in town and until the spring, were preparing to build a home out there. Soo...this is a easy land for land deal within the shelter of the 1031.

I can't yet say where, as we will be offering on more property which is adjacent to the parcel (80 acres) we want.

The fun thing is the fact that the 80 lies on the creekline which once bordered Audri's folks old place.

 

[randy41]

just a thought on your 1031....many people think the 15% rate is going away in 2010...if you 1031 it you may end up with a bad cap gain rate down the line. this is speculative though. who knows?

 

[KaiB]

Yep; we consider it to be a fact that taxes across the board will raise. I'll even bet dollars to doughnuts that the current cuts go away before they expire.

The new land and farm will ultimately be our home for life and the estate will be arranged far before we leave this veil of tears.