NDSU Extension Service - Mercer County

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Service Ag Podcast Available, Taxes/Rental Agreements

Ag advice, Ag podcast, agriculture, taxes, tax options, cash lease agreements, land rent agreements

Submitted by Craig Askim, Extension Agent, Agriculture and Natural Resources

Service Ag Podcast Now Available

Sound Ag Advice is an agricultural news podcast available from NDSU Extension Service at http://www.ag.ndsu.edu/soundagadvice.The podcast features agricultural topics ranging from rangeland management to crop prices. Each podcast is three to four minutes long. Subscribers using iTunes will have access to the podcasts on their iPhone, iPad, iPod or computer. Android phone or tablet users can subscribe to the service by downloading a free podcast player app.

Taxes/Rental Agreements

As 2013 ends, tax season begins. Talk to your tax professionals to see what options you have. Prepayment options for seed, fertilizer, chemical etc. can save you money and can be claimed on your 2013 tax return. Take time to check on the options available; you may find huge savings.

Cash lease agreements are also up for renewal. When working on land rental agreements, make sure money is not the only issue discussed. Things like relationships, stewardship, conservation and management practices, and production goals should be considered by the landowner and renter. Money is the driving force behind any agreement, but value needs to be placed on the topics listed above. A rental agreement is an agreement between the landowner and the renter and should be written to meet the landowner and renter’s wishes.

Don’t look to neighbors or others to see how their agreements are written. Each land rental agreement is different because the land, production history, soil types, drainage, management practices, and conservation practices are different. A landowner and renter need to understand the price agreed on should reflect the qualities of the land. Study your contracts and look at production records and personal observations to draw conclusions on what your land rental agreements should look like. Good communication is the key.

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