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
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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.
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