wanting to buy a farm December 13, 2018 04:47AM
Hello I know this is off topic but Im a young farmer that grew up on a farm and am looking to purchase a place of my own I was wondering if the are any programs out there that would offer any incentives(tax breaks ect.) for a land owner to sell to a young farmer versus selling to bigger more established farm or company farms? Dose anyone have any experience with this?
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Re: wanting to buy a farm December 13, 2018 05:47AM
I know my uncle just leased his cropland to a "new" farmer. The guy found a program that will pay half of his land rent for the first 3 years because he is a new famer. Not sure if it is just a Wisconsin deal or a federal one.
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Re: wanting to buy a farm December 20, 2018 01:16PM
Go to your local Farm Service Agency they have Programs geared towards new Farmers
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Re: wanting to buy a farm December 21, 2018 04:38AM
Go to agtalk web page and click on forums- agtalk café. They will give you a lot of info. Some positive and some not.
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Re: wanting to buy a farm December 22, 2018 11:32PM
I dont believe there are any tax breaks for the seller as far as purchasing land goes. However if you are buying and qualify for the begenning farmer program they have a loan program that is very low intrest and will come in as the 2nd mortgage company which means they have 2nd lean and whom ever you use for the remaining funds will have 1st lean. I believe fsa will only loan 250 or 300k total or 1/2 the purchase price which ever is less. Say you buy a farm for 500k so fsa will loan you 250k and you will have to get the other 250k from another lender like a local bank or farm credit etc. There are lots of rules so as Darren said you need to talk with your local fsa person. Its a very good progran if you are willing to deal with there rules.
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