New tax code allows farmers to defer paying income taxes on the sale of farmland

There is a new tax code allowing farmers to defer paying income taxes related to the sale of farmland.

Farm CPA Paul Neiffer spoke with RFD-TV’s Tammi Arender about some of the details, how this will benefit producers, and missing payments.

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To qualify, land must be in the U.S., used substantially for farming in the last 10 years, and restricted from non-farm use for at least 10 years after the sale.
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