It's changing so much. Apparently, one of the richies are selling one of the guest ranches near Lewistown. Got a spare 20 million? Lol. The main house has 8 bedrooms. Basically, a dude ranch. It would be nice to keep the private lands in the hands of family ranchers and homesteaders, unfortunately we are being priced out and squeezed out. Luckily for my parents, their ranch is not close to where the richies nor the yuppies want to be. Biggest worry there is no heir apparent yet.
Two brothers I knew here in Wyoming inherited their father's ranch. At the time of his death, the ranch was owned free and clear of any debt. After the inheritance taxes, they figured that the ranch would never be debt free again.
The plan is that whoever wants to take it on, buys it to avoid inheritance taxes. It's really the only way.
There will still be a tax, any cash value over the original cost of the property plus improvements will be taxed As capital gains.
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Yeah, because my sister and I can't reasonably take it on, we are sort of waiting for our children to grow up and see where they are on it.There will still be a tax, any cash value over the original cost of the property plus improvements will be taxed As capital gains.
Montana does not have an inheritance tax but the feds will get you on the estate tax.
Montana has a capital gains tax of 4.9% according to google
Federal capital gains is 20%.
Federal estate tax is 18-40%.
So you could end up paying more through capital gains than estate tax.
Talk to a tax lawyer before doing anything.
I only know this because of the farm here. We (my parents and brothers) saw a tax lawyer before my Dad passed. We did everything they suggested and still ended up paying so much in taxes we had to sell most the land to pay the damn taxes.
You can get a loan or the nice people
at the IRS will give you time to pay it off, they even figure interest and penalty into it for you. That’s how nice them_____fill in the blank______
