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Question

Are there any special deductions available for business owners or farmers?

Answer

Yes. Minnesota allows a qualified small business and farm property subtraction of up to $2 million, which may be combined with the $3 million exclusion for a total of up to $5 million in deductions for qualifying assets. Families with business or agricultural holdings should evaluate whether their assets meet the applicable criteria with the help of a qualified estate planning professional. [10]

Related FAQs

Does Minnesota allow portability of the estate tax exemption between spouses?

Does Minnesota have a gift tax?

Does Minnesota have a separate estate tax from the federal government?
Estate Planning Tax Planning Asset Protection Trusts Impact of New Laws Tax Tips & Tricks OBBBA Generational Wealth Inherited Wealth FAQs
Last Updated June 17, 2026
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