Taxes Applicable When Selling A Farm In Montana

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Some taxes should not be overlooked at any cost when selling a farm in Montana.

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Taxes Applicable When Selling A Farm In Montana :

Taxes Applicable When Selling A Farm In Montana

Some taxes should not be overlooked at any cost when selling a farm in Montana. The taxes are usually determined by the allocation of sales prices of the overall farm or ranch, including the assets. Here are the applicable taxes that can be deferred by professional guidance. :

Some taxes should not be overlooked at any cost when  selling a farm in Montana . The taxes are usually determined by the allocation of sales prices of the overall farm or ranch, including the assets. Here are the applicable taxes that can be deferred by professional guidance.

Depreciation Recapture – 25 percent of the profit acquired by selling depreciable capital property:

Depreciation Recapture – 25 percent of the profit acquired by selling depreciable capital property

Federal Ordinary Income Tax – 39.6 percent of the taxable income:

Federal Ordinary Income Tax – 39.6 percent of the taxable income

Federal Capital Gain Tax – 15 to 20 percent of economic gains:

Federal Capital Gain Tax – 15 to 20 percent of economic gains

State Taxes – applicable state tax varies from state to state. Montana residents have to pay 6.9 percent tax.   :

State Taxes – applicable state tax varies from state to state. Montana residents have to pay 6.9 percent tax.   

New Medicare Surtax – 3.8 percent Medicare Surtax is applicable to the net investment income.:

New Medicare Surtax – 3.8 percent Medicare Surtax is applicable to the net investment income.

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