Farming Thread

NoMoreTO

Ostrich
Scary changes in US Tax law being proposed by Biden. Retail small business has been slaughtered, is the plan to destroy multi generational farms next? If you watch ice age farmer or track UN Agenda 2030 the answer is an obvious yes. Plus, someone is going to have to pay for the massive debt being accumulated. I am up in Canada but have been telling my family the time for planning is now.

Capital gains tax on estates. First, a lesson on stepped-up basis. Stepped-up basis means if you bought land for $400,000 several years ago and it’s worth $2 million when you die, the basis when your kids get it is moved up to the value on the date of your death — so $2 million. That means nobody pays capital gains tax on it, even if a farming heir buys from nonfarming heirs. Stepped-up basis saves your heirs a ton in capital gains tax.
Let’s say you have $1 million worth of equipment and you’ve taken depreciation on it. Currently, your heir can re-depreciate that equipment, if you’ve planned carefully.

Biden has two features in his plan, and one is unfortunate, but the other is disastrous for farmers.

The unfortunate one is that he wants to eliminate stepped-up basis. That means the $400,000 in land that’s now worth $2 million can go to your kids, and so long as they don’t sell, it doesn’t hurt them. If they do sell, they’ll pay taxes. Plus, equipment inheritance can’t be re-depreciated.

The disastrous option, if we’re all interpreting this correctly, is that he would tax built-in gain through appreciation. So that $2 million in land would be taxed on your death as if it were being sold, and so would the equipment, even if it was depreciated to zero. The capital gains tax proposal would raise it to 39.6%, which means the tax on $2 million of land and $1 million of equipment would be around $1 million.

That would be a pretty devastating change for farmers, if Congress went along with it.

Biden Farm Death Tax

Lonesome lands article

“The great searcher of human hearts is my witness, that I have no wish, which aspires beyond the humble and happy lot of living and dying a private citizen on my own farm.”
— GEORGE WASHINGTON
 

ilostabet

Pelican
The guy from the grocery store gave me a pomegranate the other day. Never tried it before but it's quite tasty. Anyway, can't let good fruit seeds go to waste, so I planted about 50 of them.

Turns out it has some significance in Christian symbolism:

«In the earliest incontrovertible appearance of Christ in a mosaic, a fourth-century floor mosaic from Hinton St Mary, Dorset, now in the British Museum, the bust of Christ and the chi rho are flanked by pomegranates.[74] Pomegranates continue to be a motif often found in Christian religious decoration. They are often woven into the fabric of vestments and liturgical hangings or wrought in metalwork. Pomegranates figure in many religious paintings by the likes of Sandro Botticelli and Leonardo da Vinci, often in the hands of the Virgin Mary or the infant Jesus. The fruit, broken or bursting open, is a symbol of the fullness of Jesus' suffering and resurrection.[71]

In the Eastern Orthodox Church, pomegranate seeds may be used in kolyva, a dish prepared for memorial services, as a symbol of the sweetness of the heavenly kingdom


Capture.JPG
 

NoMoreTO

Ostrich
Spent the day selling small square bales out of my barn. Sold over 200 today.

There is a bit of a squeeze going on right now, supplies are pretty low. I sold y at reasonable prices. I am happy to clean my barn out and begin a new year. I've got about 80 bales left of what was 700.

All in all it was a good day for logos. A beautiful day after a long winter and a little variety from my home office job.

Hay_Stack2.jpg
 

Tex Cruise

Pelican
Would you consider it worthwhile for you after that in doing small squares again?

It depends on the area I think. Where I am I don't think they'd be worth the trouble, but somewhere nearer to smaller acreages for sure. a guy I know who lives closer to town bought an old small square baler last year and seemed to go ok selling them.
 

NoMoreTO

Ostrich
Would you consider it worthwhile for you after that in doing small squares again?

It depends on the area I think. Where I am I don't think they'd be worth the trouble, but somewhere nearer to smaller acreages for sure. a guy I know who lives closer to town bought an old small square baler last year and seemed to go ok selling them.
The bulk of my hay this year is round bales sold pretty much off the field.

I sell small squares for cash over the winter. There isn't really a ton of money in it, at least I haven't figured out how to make money on it totally.

Next year will be better, as I have connections with buyers somewhat established from this year. I will always make money sitting on my computer.

Overall I have enjoyed it, and I think selling the small squares gets you in touch with alot of homestead and hobby farm types.
 

Laner

Hummingbird
Gold Member
The bulk of my hay this year is round bales sold pretty much off the field.

I sell small squares for cash over the winter. There isn't really a ton of money in it, at least I haven't figured out how to make money on it totally.

Next year will be better, as I have connections with buyers somewhat established from this year. I will always make money sitting on my computer.

Overall I have enjoyed it, and I think selling the small squares gets you in touch with alot of homestead and hobby farm types.
I buy small bales to cover my garden in the winter.

The farmer down the road that sells them makes a good chunk of cash selling them to the stores in the city during Thanksgiving-Halloween times.

With the boom in home gardening this past year, selling them on marketplace as a garden mulch might be a good avenue.
 

NoMoreTO

Ostrich
I helped a local guy out to put his 9 acre field into hay.

Step 1 was to disc it up, to get a real smooth field we could have used a cultivator/harrow on the 3rd pass, but the weather was good so we went ahead and sowed it in after 2.5 passes with the disc.

Fertilizer was spread by the company I buy it from, after discing it up the first time.

It should turn out to be a decent little hay field. We sowed oats in as the cover to give the grass some shade while it establishes and to add some yield to first year hay.

Before Discing

photo_2021-03-26_19-46-17.jpg
Discing
Discing.jpgphoto_2021-04-17_01-48-52.jpg


Sowing
April2_Field_After_Gibbons.jpg

Alfalfa_brillion.jpg

^^ Alfalfa seed - it's pink because it's treated with fungicide etc etc, don't touch


All Done, planted and packed down.
April2_Planted.jpg
a
 
The guy from the grocery store gave me a pomegranate the other day. Never tried it before but it's quite tasty. Anyway, can't let good fruit seeds go to waste, so I planted about 50 of them.

Turns out it has some significance in Christian symbolism:
It goes at least as far back as the Mosaic law: in Exodus 28 God specifies that the high priest's vestments need to have pomegranates and golden bells embroidered around the hem.
 
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