Posted by rrlund on March 24, 2015 at 12:15:26 from (162.250.27.207):
In Reply to: Re: Nostalgia posted by bison on March 24, 2015 at 11:50:43:
You've hit the nail right on the head. I remember when guy out east of town bought a big new four wheel drive Deere. We were talking about it at a family reunion. I asked why he needed a tractor like that? A cousin said "To farm all that ground". I asked why he needed to farm all that ground. The cousin said "To pay for that big tractor". And there's a lot of truth to that. Some folks still don't get what I'm talking about when I talk about farming for a living versus farming to make money. You can make all kinds of money and pay a bunch of income tax to prove it and still not have ten cents left to live on. BTDT when I was milking cows. If you are trying to pay off principal on loans on land,or on equipment that you claimed a big investment credit on or that's depreciated out,those principal payments aren't deductible. You'd better either have a wife with a good career or have her on Social Security disability so she can buy groceries.
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