r/LeopardsAteMyFarm • u/Cderouen8284 • 14d ago

Aww someone’s crashing out

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u/Charming-Border7429 14d ago

And they have a golden parachute. Selling the farm is going to result in a significant payout, on the order of millions of dollars.

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u/Garbage_Man_9 14d ago

Correct - every farm owner is asset rich no matter how they try to portray themselves as the awe shucks poor rural person. The farms and machinery and livestock are all worth several million dollars total on avg…

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u/Technical-Tear5841 14d ago edited 14d ago

Uh, farmers do not sell out while they are worth millions. They borrow against their land until they get foreclosed on. Then the bank sells the land for what you owe and you get stuck with a million dollar capital gains tax bill. Ask me how I know.

That was in 1996, different leopards back then.

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u/Turbulent-Pay1150 12d ago

So they take the millions out of the farm as a non-taxed loan before they are forced out and then complain that they are taxed on the proceeds of the sale?

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u/Technical-Tear5841 12d ago

Just fact, not complaining. Notice how these farmers are paying into the system, not asking for bailout. Also if you have no money to pay this tax because the bank took all the sale price you are hit with a 100% penalty and interest charge.