Demolishing Farm Buildings and Structures – Any Tax Benefit?

Demolishing Farm Buildings and Structures – Any Tax Benefit?

The acquisition of a farm or changes in the farming business may lead to the need demolish existing buildings and structures.  Also, the recent major wind and rainstorm that stretched from Nebraska to Indiana damaged many farm buildings and structures that may now be irreparable and require demolition. Is there any tax benefit associated with demolishing buildings and structures?  If not, perhaps it’s most economical to leave unused buildings and other improvements standing.

Today’s blog post is courtesy of friend of Tax School and Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, KS, Roger McEowen, JD.

Roger covers tax issues associated with demolishing farm buildings and structures in his blog dated August 12, 2020.

Read the whole post here.

Roger McEowen, JD, is the Kansas Farm Bureau Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas. He is a published author and prominent speaker, conducting more than 80 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and tax professionals. His writing can be found in national agriculture publications, books, and a monthly publication, Kansas Farm and Estate Law. He received a B.S. with distinction from Purdue University in Management in 1986, an M.S. in Agricultural Economics from Iowa State University in 1990, and a J.D. from the Drake University School of Law in 1991. He is a member of the Iowa and Kansas Bar Associations and is admitted to practice in Nebraska. He is also a past member of the American Agricultural Law Association Board of Directors.