The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Buying rental land...||Date: 5/6/2011 8:46 PM|
|Author: foo1bar||Number: 113374 of 121150|
Buying from your uncle is not prohibited from self-dealing,
Wouldn't be buying from my uncle - buying land from his neighbor.
Do you have sufficient assets in an IRA to pay cash for the land?
Let's assume that I do.
What happens if you uncle is no longer able to farm and ends the rental agreement?
Well, presumably I rent it to another farmer, or possibly sell it in whole or in parts. (probably depending on what is done with the adjacent parcels).
Farming it is another possible option - but probably would not be ideal. (everything would have to be done by custom operators coming in)
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