SD,
I have this friend that lives in Florida or something. His wife's grandparents have a farm that they have had for like 100 years. Not a big farm or anything, just some farm land in Florida or wherever and pasture. They pay someone to do farm stuff for them now. His in-laws want to keep it and pass it down to his family and kids. Problem. Farming is a pain in the ass and my friend in Florida has no interest in dealing with farming stuff. What should he do?
Does the friends wife have any attachment to it? Let the grandparents pass it down. When they are gone then friend and wife have decisions to make.
Is it in a trust to avoid inheritance tax? So many questions. If they sell what's the cap gain? 1031 it into a DST or other like kind. Maybe the grandkids would rather manage a jiffylube instead of a farm.
If the place is low maintenance and you have a good renter why not keep it. Do they ever visit? If it's an investment with no sentimental attachment or entertainment (fishing, hunting,.camping, pony rides) then perhaps it's best to sell.
Tom
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