TractorGuy
Elite Member
- Joined
- Sep 15, 2013
- Messages
- 4,591
- Location
- N. FL
- Tractor
- John Deere 4310 CUT, Ford New Holland 575E Industrial Backhoe, John Deere F725 Front Mount Mower
If the previous owner intended to harvest the crop after the sale I am pretty sure that would be spelled out in detail at closing and in your contract.
How long before the crop is ready for harvest?
If it were me and the crop had value, I would let it mature, contract the harvest, and pocket the money.
At tax time I think you can estimate the value of the crop when purchased and deduct that from what you get for it. That difference is regular income or loss if sold less than a year after purchase. At least that's what my CPA did on the trees I sold off recently aquired property.
How long before the crop is ready for harvest?
If it were me and the crop had value, I would let it mature, contract the harvest, and pocket the money.
At tax time I think you can estimate the value of the crop when purchased and deduct that from what you get for it. That difference is regular income or loss if sold less than a year after purchase. At least that's what my CPA did on the trees I sold off recently aquired property.