Source: Chuck Abbott, SUCCESSFUL FARMING, 4/5/21


Despite its fearsome reputation, only a comparative handful of farm households are obliged to file a federal estate-tax return, and most of them won’t pay the government any money, said USDA economists. Large tax exemptions — $11.58 million per person in 2020 — shield most estates from tax liability. In addition, heirs face a smaller potential liability for capital gains taxes due to the use of stepped-up basis in calculating property values. Property is assessed at its value at the time of inheritance...

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