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Re: Land prices? [Re: Donnersurvivor] #7609884
06/21/22 10:38 PM
06/21/22 10:38 PM
Joined: Mar 2013
Posts: 1,730
chelsea,wi
keets Offline
trapper
keets  Offline
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Joined: Mar 2013
Posts: 1,730
chelsea,wi
don't hurt to go ask. just make a fair offer and see what they say


2021 goals....make time to trap
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Re: Land prices? [Re: keets] #7609919
06/22/22 12:14 AM
06/22/22 12:14 AM
Joined: Dec 2006
Posts: 9,783
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
Posts: 9,783
East-Central Wisconsin
I would double check with an accountant regarding your thoughts on saving taxes by investing in land. Land is not a depreciable item and the only tax savings you get from investing in land would be the interest on the mortgage, conservation impovements and taxes paid on the land. If you want to save taxes invest in equipment and claim rapid, moderate or slower depreciation depending upon your desire to cut taxes short or longer term. If you don't want to invest in more business equipment due to a recession then investing in land does not make business or tax saving sense either. If you want the land for long term returns, growth and as a working investment then do that. If we go into a recession with higher interest rates the land may not go up much or may even drop. Around here our lenders are requiring a pretty hefty down payment on larger land purchases so their risks are not as high either. As stated above. In our area 60 acres with roughly half lower producing tillable land and swampy woods with ponds typically list for 4-6K per acre. I don't know what they actually sell for.Every piece of land has a different value for a whole host of reasons.

Bryce

Re: Land prices? [Re: bblwi] #7609928
06/22/22 01:38 AM
06/22/22 01:38 AM
Joined: Feb 2020
Posts: 4,574
Indiana
P
Providence Farm Offline
trapper
Providence Farm  Offline
trapper
P

Joined: Feb 2020
Posts: 4,574
Indiana
Originally Posted by bblwi
I would double check with an accountant regarding your thoughts on saving taxes by investing in land. Land is not a depreciable item and the only tax savings you get from investing in land would be the interest on the mortgage, conservation impovements and taxes paid on the land. If you want to save taxes invest in equipment and claim rapid, moderate or slower depreciation depending upon your desire to cut taxes short or longer term. If you don't want to invest in more business equipment due to a recession then investing in land does not make business or tax saving sense either. If you want the land for long term returns, growth and as a working investment then do that. If we go into a recession with higher interest rates the land may not go up much or may even drop. Around here our lenders are requiring a pretty hefty down payment on larger land purchases so their risks are not as high either. As stated above. In our area 60 acres with roughly half lower producing tillable land and swampy woods with ponds typically list for 4-6K per acre. I don't know what they actually sell for.Every piece of land has a different value for a whole host of reasons.

Bryce


Can he not came the land if he is using it for parking his equipment and dumping his tree trimming wast? Business can clam buying a building cat they?

Re: Land prices? [Re: Donnersurvivor] #7609930
06/22/22 02:35 AM
06/22/22 02:35 AM
Joined: Dec 2006
Posts: 9,783
East-Central Wisconsin
B
bblwi Offline
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bblwi  Offline
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Joined: Dec 2006
Posts: 9,783
East-Central Wisconsin
Yes you can claim a building and the rate or speed of the depreciation depends upon the classification or usage of the building as to years to depreciate. Land no. If you buy an two acres and pave it as a parking lot you can claim all the paved, stripping etc. as expenses but not the original land purchase other than taxes and interest etc. If he is storing equipment on bare ground or dumping tree waste, sawdust etc. on bare or open ground then he can not claim that land as a depreciable expense. Land is considered a capital investment and not taxable, improvements to the land may be deductible and at variable amounts and rates. You buy 80 acres and create a fenced hunting area. All the fencing, trails, towers, feeders, animals for harvest, advertising etc. are deductible but not the original land purchase. Let's say you buy the 80 after it has been made into a hunting preserve. Now you must establish a FMV for the land and separate that from the total purchase price and then establish depreciation schedules for the depreciable portion, but not the land. Also when and if you claim depreciation on items you need to include the claimed depreciation on the sale price and pay any and all taxes due on the claimed depreciation. Not a good idea to keep poor records when working to save taxes and not having the records to support claims etc.

Bryce

Re: Land prices? [Re: Donnersurvivor] #7609939
06/22/22 04:27 AM
06/22/22 04:27 AM
Joined: Feb 2020
Posts: 4,574
Indiana
P
Providence Farm Offline
trapper
Providence Farm  Offline
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Joined: Feb 2020
Posts: 4,574
Indiana
Thanks Bryce. I was thinking there was some reason I could not remember claiming my farm purchase other than I bought it a few years before I started claiming farm income and b expenses.

Re: Land prices? [Re: DelawareRob] #7609948
06/22/22 05:22 AM
06/22/22 05:22 AM
Joined: Dec 2013
Posts: 12,490
Greene County,Virginia
R
run Offline
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run  Offline
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R

Joined: Dec 2013
Posts: 12,490
Greene County,Virginia
Originally Posted by DelawareRob
Originally Posted by run
$3,000 per acre is a steal in my neighborhood.


Heck, you could quadruple it and it would still be a steal.
Found this, not sure how accurate it is.

[Linked Image]

It's accurate for Virginia. Can't speak for other states.


wanna be goat farmer.
Re: Land prices? [Re: Donnersurvivor] #7609967
06/22/22 07:00 AM
06/22/22 07:00 AM
Joined: Oct 2021
Posts: 67
Minnesota
N
Northernbeaver Offline
trapper
Northernbeaver  Offline
trapper
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Joined: Oct 2021
Posts: 67
Minnesota
Originally Posted by Donnersurvivor
Anyone pay close attention to land prices lately? Curious if interest rate hikes etc had taken a toll at all yet? If I keep booking work I would like to buy more land soon.

Where in MN are you looking to buy? There has been better deals for those with cash in hand, as of lately.


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Re: Land prices? [Re: bblwi] #7610037
06/22/22 09:12 AM
06/22/22 09:12 AM
Joined: Jan 2018
Posts: 3,145
MN
D
Donnersurvivor Offline OP
trapper
Donnersurvivor  Offline OP
trapper
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Joined: Jan 2018
Posts: 3,145
MN
Originally Posted by bblwi
Yes you can claim a building and the rate or speed of the depreciation depends upon the classification or usage of the building as to years to depreciate. Land no. If you buy an two acres and pave it as a parking lot you can claim all the paved, stripping etc. as expenses but not the original land purchase other than taxes and interest etc. If he is storing equipment on bare ground or dumping tree waste, sawdust etc. on bare or open ground then he can not claim that land as a depreciable expense. Land is considered a capital investment and not taxable, improvements to the land may be deductible and at variable amounts and rates. You buy 80 acres and create a fenced hunting area. All the fencing, trails, towers, feeders, animals for harvest, advertising etc. are deductible but not the original land purchase. Let's say you buy the 80 after it has been made into a hunting preserve. Now you must establish a FMV for the land and separate that from the total purchase price and then establish depreciation schedules for the depreciable portion, but not the land. Also when and if you claim depreciation on items you need to include the claimed depreciation on the sale price and pay any and all taxes due on the claimed depreciation. Not a good idea to keep poor records when working to save taxes and not having the records to support claims etc.

Bryce


I appreciate it. I need a new account/financial advisor, mine doesn't get back to me anymore very quickly. I'm looking west of st cloud, kimball area roughly.

Re: Land prices? [Re: DelawareRob] #7610115
06/22/22 11:15 AM
06/22/22 11:15 AM
Joined: Feb 2014
Posts: 9,923
Ky
J
jbyrd63 Offline
trapper
jbyrd63  Offline
trapper
J

Joined: Feb 2014
Posts: 9,923
Ky
Originally Posted by DelawareRob
Originally Posted by run
$3,000 per acre is a steal in my neighborhood.


Heck, you could quadruple it and it would still be a steal.
Found this, not sure how accurate it is.

[Linked Image]


That is building lots and lake front property included
Here is farm land Tillable/ pasture


[Linked Image]

sorry so small here's the link. Page five Big difference in farm land only versus ALL land per state

https://www.nass.usda.gov/Publications/Todays_Reports/reports/land0821.pdf

Last edited by jbyrd63; 06/22/22 01:25 PM.
Re: Land prices? [Re: Donnersurvivor] #7610155
06/22/22 12:18 PM
06/22/22 12:18 PM
Joined: Dec 2013
Posts: 12,490
Greene County,Virginia
R
run Offline
trapper
run  Offline
trapper
R

Joined: Dec 2013
Posts: 12,490
Greene County,Virginia
Thank you, jbyrd63.


wanna be goat farmer.
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