I am a farm and land broker in Illinois. It is typically a straight real estate transaction for the land and any buildings. If there is equipment involved, you could but that seperately. Like with any small business, there are a lot of tax benefits from being able to expense a lot of your typical business items to depreciation on equipment. There is no depreciation on the land, however. Are you looking to buy farm land as an investment, or buy land and farm it yourself? If you have further questions you can email me at firstname.lastname@example.org.
Nov 6, 2008