Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Wed Oct 7, 2015 06:55 AM CDT

Grain farmers approaching retirement face an ugly reality: A lot of grain to sell but no cropping expenses to provide a tax offset. If that carryover grain is in the $500,000 to $1 million territory, spreading the sales over several years doesn't avoid high tax rates. And even when successfully spread over many years, there are multiple doses of the 15.3% self-employed Social Security tax to compound the cost.


Here's an example of how a Charitable Remainder Trust (CRT) can solve the problem. Our retiring farmer, Joe, creates a CRT document of his own design, using a ...

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