Tractor Talk Discussion Board |
Re: OT: taxes on small farm
[ Expand ] [ View Follow Ups ] [ Post Followup ] [ Return to Forum ]
Posted by James2 on October 07, 2005 at 22:30:02 from (207.179.239.101):
In Reply to: Re: OT: taxes on small farm posted by Marcuss on October 07, 2005 at 14:21:51:
The key is you must have a plan or are trying to show a profit. The 2 out of 5 years Paul mentioned are only IRS guidlines and can be "beaten" if you are truly trying to be profitable. I know one fellow at work, whom has never shown a profit in 20 years. He did eventually get audited, but passed. An example which could get you in trouble, would be to purchase a new $200,000 combine to only harvest your 10 acres. If you pull this trick, you better have at least a couple thousand acres you are custom harvesting. Based on my experience, Paul's correct in stating you would write the building off in around 20 years. I believe that is the time frame the accountant is using on my machine shed. There is also a 15 year depreciation. I'm not sure but it may be for livestock or grain bins. That's been my experience, perhaps Supergrumpy will shed some more light.
Follow Ups:
Home
| Forums
Today's Featured Article -
Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
Copyright © 1997-2024 Yesterday's Tractor Co. All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V. Yesterday's Tractors - Antique Tractor HeadquartersWebsite Accessibility Policy |
|