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Taxes and Tractors
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Posted by Alabama on March 06, 2002 at 09:34:32 from (205.174.143.2):
I got hit pretty hard this year with taxes. I don't farm for a living but do own enough land to have a hobby farm. I need a tax write off next year. I plan on building a house on my land but in the mean time I can not deduct the land expense nor any tractor parts I buy. Has anyone re-built a tractor and claimed it as an expense paid out by the farm? Could I get away with putting a crop on the land and claiming all expenses out there as farm expenses? I'm thinking yes, but I would appreciate anyone with experience in this to comment.
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