Farmers and farmland owners may have a new way to manage the tax impact of certain property sales. The IRS has issued proposed regulations on an election that allows taxpayers to pay the tax attributable to gain from qualifying farmland sales in four equal annual installments. The provision applies to sales made in tax years beginning after July 4, 2025. To qualify, among other things, the farmland must have been used for farming purposes, or leased to a qualified farmer for farming purposes, during the 10 years prior to the sale. Plus, the land must remain restricted to farming for 10 years after the sale. Contact us for more information. For details from the IRS: https://bit.ly/4rENJCF
