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Family farms can cut about $1.4 million from taxable estate

Original: Family Farms Can Value Their Land as Farmland Instead of Development Land and Cut About $1.4 Million From the Taxable Estate. Sell to a Developer Within 10 Years and the IRS Takes It Back

Family farms can have their land valued for estate-tax purposes as farmland rather than at its higher potential development value, trimming roughly $1.4 million from the taxable estate. The relief comes with a catch: if heirs sell the property to a developer within ten years of the owner's death, the IRS claws back the tax savings.

Why now: The IRS recapture rule and its deadline are a common source of confusion for farm families planning inheritance.

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• Family Farms Can Value Their Land as Farmland Instead of Development Land and Cut About $1.4 Million From the Taxable Estate. Sell to a Developer Within 10 Years and the IRS Takes It Back · 24/7 Wall St.

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