Posted by LAA on May 22, 2012 at 19:50:20 from (86.51.147.113):
In Reply to: Tax Questions posted by Fullers Farmalls on May 22, 2012 at 19:12:49:
The TSC purchase would involve state and county sales tax, the rules vary by state, where I live feed and vet supplies for commercial livestock are tax exempt if you declare and sign an exemption form yearly, pleasure horses pet pigs etc. don"t qualify but racehorses would or dogs if you are a breeder or run a kennel. Farm equipment and supplies such as disc blades, cylinders etc. are exempted the States portion of the tax, normal repair parts such as bearings, engine components etc. are taxed at the normal rate. As far as federal income tax, filing schedule ""F"", any expense related to producing a crop or livestock for sale is deductible against the revenue from the sale of the livestock or crops and any other earned income you or your wife, if married, have from a job. There are all kinds of partnership arrangements recognized by the IRS but if you and your Dad each file a seperate schedule ""F"" for the farm activities on the same farm it is perfectly legit as long as each person paid expenses, shared in the proceeds and actively worked the farm. If you go to irs.gov and download a copy of the federal form schedule ""F"" it is actually fairly self explanatory and will be a good guide to know what expenses to keep up with and use aa a tool to plan your business. Due to the boom/bust nature of most agricultural enterprises careful and thorough tax planning and record keeping cannot be emphasized enough.
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