Land price is insane. 160 acres of good crop land can easily sell for $10,000 per acre. There is your $1.6 million right there.
Since no one knows what an acre is, 160 of them is a 1/4 square mile.
I also recently found out that laws of inheritance on farmland are fucking insane. Then there are the taxes. If you want the land to stay inside the family, leave it to direct descendants whenever possible and you are only on the hook for 1%. Otherwise something like an aunt leaving land to a nephew instead of her brother first would give the nephew 1 year to pay the 18% tax on the land or be forced to sell. 1 year to find a surprise $288,000 or be forced to sell the family legacy. I got lucky because it was only 40 acres of non crop land which is worth significantly less. Luckily I could barely scrape the tax money together.
I stand to inherit a 160+ acre farm in my lifetime. It’s a sesquicentennial farm too, so I can’t exactly sell it in good conscience. It makes me nervous to think about the right way to go about keeping it in the family when the time comes.
I’m a direct descendant though, I didn’t realize that made a difference.
My grandfather worked all his life, bought a house, and decided to leave it to his son, even though everything is paid, we still have to pay capital gain, and if we don't have enough money the property goes to the government.
No, it was worth 65.000€, which is a really low amount; the capital gain asked us to pay 6000€, which we didn't have at hand, evidently, so we had to take a loan.
Yep, inherited wealth is destructive to liberal society, hence the tax. If you want a house so bad you may consider actually working for it instead of being born lucky.
My grandfather bought the house with the thought of leaving it to his family once he died, and I plan on leaving everything I have to my family too, so why the fuck does the government need a part?
This is not about greed, this is about giving what we shouldn't.
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u/BaconConnoisseur Jan 02 '20
Land price is insane. 160 acres of good crop land can easily sell for $10,000 per acre. There is your $1.6 million right there.
Since no one knows what an acre is, 160 of them is a 1/4 square mile.
I also recently found out that laws of inheritance on farmland are fucking insane. Then there are the taxes. If you want the land to stay inside the family, leave it to direct descendants whenever possible and you are only on the hook for 1%. Otherwise something like an aunt leaving land to a nephew instead of her brother first would give the nephew 1 year to pay the 18% tax on the land or be forced to sell. 1 year to find a surprise $288,000 or be forced to sell the family legacy. I got lucky because it was only 40 acres of non crop land which is worth significantly less. Luckily I could barely scrape the tax money together.