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Senior Advisor
Posts: 2,693
Registered: ‎11-02-2010
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So let me get this straight........

Yes Clayton, the money my Iowa farm operation makes is taxed under the Iowa State Tax Rate, and yes they have a state tax. I also have MN income from doing some free-lance investory accounting and that is taxed under MN. So I have income from both Iowa and MN. Also I have given/gifted my 3 kids some of my farmland, it is in one of there Trust Accounts. The farmland I have gifted them (As you know you are allowed to gift your kids so much money or farmland per year without a tax). Anyway, I pay my kids $400/acre in cash-rent on the farmland I gifted them and they are taxed by Iowa on this cash-rent income. I in turn take this farmland and add it into my acres I Custom Farm and these too are taxed under Iowa (Looks like these Custom Farmed acres will produce a $812/acre profit, minus the $400/acre cash-rent I pay the kids, for my profit of $412/acre on this kids farmland). I get the raw end of the deal on this with the kids, I gave them the Iowa farmland for free, and then I have to pay the kids $400/acre in cash-rent to farm the land myself. I got screwed on that Estate Planning deal!!!!! LOL

 

 

Thanks guys for the compliments!!!!!! Been out driving my wife's brand new Lexus SUV today. It's a really nice car, and as quiet as a Library inside. Never realized how quiet a car could be inside, must be built really good to be that quiet. Anyway, she really likes her new Lexus SUV. It was worth every penny of the $63,000 I paid for it. When you got over $750/acre in profits for the 2012 crop year, you have money to burn. I have 1,575 acres so 1,575 * $750/acre in profit= $1,181,250 for a 2012 Total overall farm operation profit. Yes, believe this is the first time I made over a $1 Million Dollar for just 1 crop year. I am finally playing with the Big Boys and it's a darn good feeling to buy just about anything the family wants or pay a $120,000/year in college tuition costs for 3 kids to attend private colleges.
 

I march to my own drummer, I own my own farmland and I am the one who paid for it. So with that said, he who owns the land is the one who holds the cards. I also am the one who pays the salary of my employees/Custom Guys of over $240,000 per year. So, I don't take abuse or even care what you say. There is no way in hell that you can take away my $812.50/acre profit from me, so I could care less about what you say at all. Now, if you try and take my $812.50/acre net profit from the 2012 crop year away from me, then I would get upset. Till you can do that, I just consider you to be a little bee is all, something to step on and crush since you lack anyway to take my families net income away. So, since you can not get at my $812.50 net profit, there is not one thing you can say or do to get at me. Right??????

 

Above you will find three COMPLETELY different stories..........all from the same author..........all within the last week or so............I thought you guys were smarter than this..........guess I was wrong..........Smiley Surprised