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 - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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