Kentucky Farm Package

Category:
State:
Multi-State
Control #:
US-P097-PKG
Format:
Word; 
Rich Text
Instant download

Description

This package is designed to assist a farm owner in operating a farm, in matters such as employment, financial, and leasing transactions. The forms included are essential tools for promoting the farm's operation in a legally protected manner. Purchase this package and save 50% over purchasing the forms separately!



The following forms are included in this package:



Agreement to Manage Farm - This form is an agreement to manage a farm. The manager represents and acknowledges that he is an independent contractor. All persons engaged by manager to perform work pursuant to this agreement will either be independent contractors or employees of manager. This agreement is not one of agency by manager for owner, but one with manager engaged independently in the business of managing properties as an independent contractor.


Farm Hand Services Contract - This is an agreement between a farmer or employer and a farm hand whereby the employer hires the farm hand as an independent contractor to perform various farm related duties as agreed upon in the contract.


Farmer's Tax Guide - This is a free bonus publication providing detailed tax information related to farm operations.


Security Agreement with Farm Products as Collateral - In a security agreement, the debtor grants a "security interest" in the personal property in order to secure payment of the loan. Granting a security interest in personal property is the same thing as granting a lien in personal property. This form is a sample of a security agreement in farm products that may be referred to when preparing such a form for your particular state.


Farm Lease - This form is a lease agreement for farm land. The lessor will pay all ad valorem taxes assessed against the leased property. The lessee shall pay all taxes assessed against all personal property located on the premises and will also pay all privilege, excise and other taxes duly assessed. The lessee will pay the taxes when due so as to prevent the assessment of any late fees or penalties.


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FAQ

Ing to KRS 132.010 (9) "Agricultural land" means: Any tract of land, including all income-producing improvements, of at least ten contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or other crops including timber.

Ing to KRS 132.010 (9) "Agricultural land" means: Any tract of land, including all income-producing improvements, of at least ten contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or other crops including timber.

Top Commodities by Sales Receipts in 2022: Corn - $1.447 billion. Broilers - $1.427 billion. Soybeans - $1.392 billion. All other animals/products (including horses) - $1.224 billion.

Farmers wanting to sell agricultural land and assets may be eligible for a Kentucky income tax credit up to 5% of the purchase price of qualifying agricultural assets, subject to a $25,000 calendar year cap and a $100,000 lifetime cap.

Farmers are business owners if they grow crops and raise livestock to sell. As business owners, tax law in the United States requires that they pay taxes on behalf of their businesses and their employees. Some exceptions apply to farmers' taxable income and may help to reduce the tax burden of farmers.

Yes, all persons claiming a farm exemption in Kentucky must have a valid Kentucky AE Number. If the Kentucky seller ships the products to the out-of-state resident's address or farm location, then, for Kentucky tax purposes, the sale is an exempt sale in interstate commerce without the need of a Kentucky AE Number.

Many other states have competing metrics that cancel each other out: high populations and crop yields can lead to equally high land prices and less available land. Kentucky - much like it's bourbon - sits right in that middle sweet spot to be the best state for new farmers and ranchers.

Selling Farmers wanting to sell Agricultural Land and assets may be eligible for a tax credit up to five percent (5%) of the purchase price of qualifying Agricultural Assets, subject to a $25,000 calendar year cap and $100,000 lifetime cap.

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Kentucky Farm Package