Like-kind property exchange with Qualified Intermediary. 45-day identification period, 180-day exchange period. Three-Property Rule or 200% Rule for identification.
Clear like-kind qualification, stable valuation (~10.5% annualized returns), immediate income from cash rent, lower management burden, inflation hedge, step-up in basis at death.
Delayed (forward), reverse, and improvement (build-to-suit) exchanges. Reverse eliminates time pressure but costs $5K-$15K+.
45 days is insufficient for traditional farmland evaluation. Need SSURGO soils, FEMA flood, NWI wetlands, CropScape crop history, USGS groundwater, NASS economics, NOAA climate, NREL solar — eight federal data layers per parcel.
Starting search after selling, ignoring soil variation within parcels, not verifying crop history, overlooking drainage and wetland issues, using wrong QI, forgetting about boot.