Everything you have ever spent on your farm in terms of maintenance ,repairs , drainage , bulldozing , updates for hydro , plumbing , roofing....you get the picture here , can be claimed against the capital gain and thus reduce the capital gain you have to pay.If you paid interest on your farm loan it can be deducted. We have a cottage that someday will have to be sold and we keep a file of everything we spend on it , even down to light bulbs ! WE have roofed, replaced windows , did flooring etc , all deductable from the capital we have gained. Good luck and it won't be as bad as you think. When I sold my farm , by the time we deducted everything I owed $55oo. A relief ! I had thousands in drainage expenses , barn roofs , new machinery shed....and so on and so on
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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