“How much tax can they squeeze out of us? It feels like we have to bribe the state to stay in business.”
“It shouldn’t be this way. I am a lifelong Iowan. Our family came west in the 1860s by covered wagon, and our farm has been in the family since 1875. My parents left the farm to my brother, sister, and me when they passed.
Iowa is making it nearly impossible for family farms to survive; if the land doesn’t go from parent to child, it’s taxed. It feels like we have to bribe the state to stay in business.
We are not big farmers, but when my brother passed and left his share of the farm to my sister and me, we had to figure out how to pay a huge tax bill just to keep the farm together.
My sister never married and has no children, so the state will tax anything she leaves to me or my children. We will have to pay taxes again on the same piece of farm ground the state already taxed when my brother died!
How much tax can they squeeze out of us? We already pay income taxes and property taxes for the farm every year.
Iowa is one of only six states that have the inheritance tax. The state acts like they deserve a cut from a lifetime of savings. Iowa needs to get rid of it, or it will ultimately force me or my children to sell the farm just to pay the taxes.”
Inheritance Tax Posts