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Gain Exclusion from Sale or Exchange of Qualified Farmland Property to Qualified Farmers (IRC Section 1062)
Illinois — state programSee program
Provides a tax benefit on gain from the sale or exchange of qualified farmland property to qualified farmers. Qualified farmland must be located in the U.S., used or leased for farming purposes during substantially all of the 10-year period ending on the date of sale, and subject to a covenant restricting non-farm use for 10 years after the sale.
Program details
- Type
- tax-credit
- Eligibility
- Taxpayers selling or exchanging qualified farmland property (used or leased for farming for substantially all of the prior 10 years, subject to a 10-year post-sale farming covenant) to a qualified farmer (any individual actively engaged in farming under 7 U.S.C. §§ 1308-1(b) and (c)).
- Status
- open
- Administrator
- IRS
Source: Illinois — state program. Confirm current terms with the administering agency before applying.