Why can income taxes sting more than estate taxes when a farm changes hands? This article explains how depreciation recapture can tax years of equipment write-offs, and how a basis step-up may soften the bill on inherited land.
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Marc and Craig Kielburger are building Legacy+, a social-impact company that helps organizations turn their goals into practical action
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Farm families may worry about estate tax, but income tax can bring the bigger surprise at succession. See how depreciation recapture can tax years of equipment write-offs, while a basis step-up may lower the tax bill on inherited land.
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Marc and Craig Kielburger are developing Legacy+ and hosting the My Legacy Podcast with Martin Luther King III and Arndrea Waters King. Their next book is scheduled for November 2026.
At succession, farm families may face a bigger income-tax shock than an estate-tax bill. Learn how depreciation recapture can tax years of equipment write-offs, while a basis step-up can reset asset values for heirs.