Maximizing the Qualified Farm Property Exemption
The Qualified Farm Property exemption is available to farmers who sell their property, but only for the portion of land that qualifies as ‘farmed’.
The Qualified Farm Property exemption is available to farmers who sell their property, but only for the portion of land that qualifies as ‘farmed’.
If you who own farm property (land or building), an interest in a family farm partnership, or shares in a family farm corporation you might be able to claim a $1,000,000 lifetime capital gains exemption (LCGE) once the farm property is sold.
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