Q: In Minnesotas estate tax exemption for Farms, I'm a MN resident and own farm land in Iowa . Does that count for the
2,000,000 exemption? Thank you
A:
In Minnesota, the estate tax exemption for qualified farm property is $2,000,000, in addition to the standard estate tax exemption. However, to qualify for the farm property exemption, the property must meet certain criteria:
1. The property must be classified as agricultural land in Minnesota.
2. The property must have been owned by the decedent or a family member for three years before the decedent's death.
3. The property must pass to a qualified family member, such as a spouse, child, grandchild, sibling, or parent.
Based on the information you provided, the farm land you own in Iowa would not qualify for the Minnesota estate tax exemption for farm property because it is not classified as agricultural land in Minnesota.
However, your estate may still be eligible for the standard Minnesota estate tax exemption. If the total value of your estate, including the Iowa farm land, is below the standard exemption amount, your estate may not be subject to Minnesota estate taxes.
It's always best to consult with a qualified tax professional or estate planning attorney to determine how your specific situation will be handled for tax purposes.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
