QUESTION
What are the laws to selling unharvested crop land?
Asked on Jan 06th, 2014 on Real Estate - Colorado
More details to this question:
I own crop land in Colorado. A relative farms it for me. I want to sell it this year. It has a crop on it that will be harvested mid summer. Then it will be replanted in early fall. Since he does the farming, does he have any legal rights such as when it can be sold, etc. ? Also, If I sell it this year, how long do I have to reinvest it to avoid capitol gains tax? (I live in Missouri). And do I have to buy land only or can I buy land and build a house etc.?
1 ANSWER
3 Awards
J.I.,
Crops are generally considered personal property, so when the land is sold the planter will have an opportunity to reenter and harvest, unless the negotiation and contract agrees otherwise.
If you are interested in avoiding tax by repurchasing, you must be referencing a 1031 Exchange. There are allot of rules that must be complied with there and you should obtain specific counsel on these issues.
Good luck,
Answered on Jan 06th, 2014 at 4:17 PM
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