Posted by IaGary on January 03, 2009 at 06:26:00 from (207.177.17.200):
If a farm shows no income from the farm, are they still allowed to deduct tractors,machinery and other consumables for the farm from their income taxes?
Maybe each state is different. I don't know how this works??
I am defining a hobby farm as, where no income is generated from the farm.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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