Leasing property for solar panel farm
My sister & I inherited property on our family farm and the deed has both of our names on it. We are considering leasing the land to a solar energy developer group. What is the best, financially-sound way to proceed? How can we estimate what the tax will be on the rental income and how should it be reported when we file our personal taxes each year during the lease period? Is there specific language to include in the lease agreement to be sure the terms are in our best interest?
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