General Discussion

Ms. Toad

(37,465 posts)

32. Not always possible.

Tue Jul 22, 2025, 04:03 PM

Jul 22

Estate tax is actually gift and estate tax. Currently, you can gift $19,000 per person per year during your life without having to include it in the Gift and Estate tax. If you give a larger gift, you have to report it annually and the estate pays taxes on it when you die.

So you would have to slowly gift the farm over time. Say a couple wanted to gift the farm to their daughter and her wife. That means they can gift $76,000 of their farm each year. For my parents to have gifted their farm to me and my wife would have taken 105 years. Any gift larger than $76,000 has to be reported and tallied each year - and that reported excess isn't taxed at the time of the gift - it counts toward the (currently) $13.999 million exemption ($27.998 million for lifetime).

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Alice Kramden byronius

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Trump's Dementia [View all] surfered Jul 22 OP

"Death taxes". Maga talk Walleye Jul 22 #1

And the only farms lost to taxes.... HuskiesHowls Jul 22 #7

Taxes are a privilege not a penalty. Walleye Jul 22 #8

My grandmother always told me, "No one ever got poor paying taxes." sarchasm Jul 22 #16

I think nobody completely agrees with the way our tax money is spent.But I don't consider Medicaid to be "spending money Walleye Jul 22 #29

Math OrangeJoe Jul 22 #19

Your comparison is a bit off. Under Biden, the exemption was $27.2 million per couple. Ms. Toad Jul 22 #26

Or they could just give their farm to their heirs before they die Walleye Jul 22 #31

Not always possible. Ms. Toad Jul 22 #32

My mistake OrangeJoe Jul 23 #53

So here's another twist. Ms. Toad Jul 23 #58

I have very little sympathy for someone who owns a farm worth over $13 million Walleye Jul 22 #30

I guess you are unfamiliar with the concept of "land rich, and cash poor." Few family farms have a lot left over for Martin68 Jul 22 #39

I take your point. My mom face the same situation of being land poor during the Depression Walleye Jul 22 #45

As I understand it & I could be wrong. OrangeJoe Jul 23 #54

That is true. Land that is actively farmed is valued for taxation purposes at a much lower rate than residential land. Martin68 Jul 23 #59

They're small farms atreides1 Jul 22 #2

Census. 83000 between family farms and coops. bullimiami Jul 22 #3

"Like" a toddler?? AZ8theist Jul 22 #40

Think of the media frenzy if BIDEN had said the same thing. Paladin Jul 22 #4

Yep. "...the mainstream media's loathsome double standard..." calimary Jul 22 #10

I admire your obvious experience and expertise. (nt) Paladin Jul 22 #23

Awwwwwww, thanks, Paladin! calimary Jul 22 #36

I have a daughter whose middle name is Elizabeth. Paladin Jul 22 #41

I figured if it was good enough for a queen and a saint, it was good enough for my baby! calimary Jul 22 #42

I heard it was 2 trillion farms Johnny2X2X Jul 22 #5

It was 2 brazillion farms. Now how much is that? madinmaryland Jul 22 #46

surfered.............. Upthevibe Jul 22 #6

Math is so woke Botany Jul 22 #21

To be fair, he didn't say there are two billion family farms in Iowa DavidDvorkin Jul 22 #9

Still doesn't quite math dpibel Jul 22 #11

Oh, sure, it's still nonsense DavidDvorkin Jul 22 #20

If every person in China owned a farm it woudn't be 2 billion farms. Add the entire USA to that and it still would be twodogsbarking Jul 22 #12

trump ass numbers. pansypoo53219 Jul 22 #13

Pigs evilhime Jul 22 #14

He gets certain numbers stuck in his head and recycles them out of place. jmbar2 Jul 22 #15

THAT statement - "Trump Media bought $2 billion in bitcoin..." is 99% of the problem with this country. Moostache Jul 22 #27

I imagine it's too much to expect that Jake Tapper would notice. Vinca Jul 22 #17

Nah. He's just focused on which big interview is coming next. calimary Jul 22 #43

I'll trust Google's AI Overview over Prez Puffy on this one BaronChocula Jul 22 #18

According to the latest numbers, only 0.3% of all family farms were Wiz Imp Jul 22 #22

He meant 2 billionaire family farms. Ptah Jul 22 #24

Aside from the impossible number of farms, the current number is $27,980,000 for a married couple. Ms. Toad Jul 22 #25

Dementia plus Lies equals Nightmare for All Chalco Jul 22 #28

How can you tell he's not just outright lying as usual? live love laugh Jul 22 #33

The fuck? Fucking Iowa in his mind must be bigger than China. Karasu Jul 22 #34

"Stable genius". Smart enough to rake horseshit. oasis Jul 22 #35

I think that is supposed to be "2 billion (dollars worth of) family farms" eggplant Jul 22 #37

Yeah, that's what I thought when I saw this. It's a shame though. C Moon Jul 23 #55

Or because there aren't 2 billion farms in the country Picaro Jul 22 #38

Don't forget while talking about farms that MW67 Jul 22 #44

Will Iowa Magats notice, or care? No. The good news is that as Phoni Joni Hassler Jul 22 #47

In the ever accurate words of Representative Jasmine Crockett Attilatheblond Jul 23 #48

Where'd that number come from? Did a search and msn.com has it a tad lower than 2 BILLION farmers in Iowa Attilatheblond Jul 23 #49

But each Iowan JDAcme Jul 23 #50

AI hallucinations are more tethered to reality than that. dgauss Jul 23 #51

How's this differ from his pathological lying? live love laugh Jul 23 #52

It doesn't matter lonely bird Jul 23 #56

Come on, each corporate family MIGHT own 3M other ones? Brainfodder Jul 23 #57