finding cost basis of family farmland handed down

Asked May 19, 2017, 10:54 AM EDT

Hi, My mother owns farmland that was mostly handed down through family ... Grandfather homesteaded; farmland passed to Grandmother at his death, passed to my Father, passed to my Mother. In order to estimate tax consequences (Corporate Gains Tax) I need the cost basis of each of the 11 parcels of land, and according to the CPA I'm working with, that's often a difficult thing to find. Do you have anyone that could give me some advice how to go about finding cost basis in this situation? Thanks, -Jeff

Cherokee County Iowa

1 Response

Hello,

I have a few suggestions for resources for you to find out the cost basis of your parcels. The Ag Engineer for your area is Kris Kohl and he can be reached at 712-732-5056. The Ag Decision Maker at Iowa State University may also be able to help. They can be reached at 641-732-5574. Additionally, the Department of Economics at Iowa State University would have an Ag Economist. They can be reached at 515-294-6740.