10/10/2026
🎓 Teaching point this Saturday morning!!
Mississippi has many families who own farmland, inherited property, and agricultural businesses.
Some clients may sell property without understanding the tax consequences.
For clients selling farmland, document the property’s ownership history, prior farming use, sale date, buyer information, and any agricultural-use restrictions.
Refer complex property transactions to an appropriately qualified tax professional or attorney.
Important date: Comments on the proposed regulations are due November 30, 2026.
“Selling property does not automatically mean the entire sale price is taxable profit. We must determine the tax basis, gain, and applicable rules.”
Official source: IRS — Proposed Farmland Installment Regulations