That may be what you have been told by a tax preparer but what you have stated is not the law, the law is you can lose money every year if you have other earned income to offset against. I can buy a $45,000 tractor for a 5 acre corn patch if I want to and take the section 179 deduction or depreciate it out, if I was audited I would have to prove that I bought the tractor, planted the corn and sold or used the corn myself. You check a box and sign your name on the schedule ''F'' stating that your capital is at risk and you are an active farm operator. The reasonable expectation of profit is left up to yourself and perhaps your banker, the IRS is not going to make that determination.
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Today's Featured Article - Show Coverage: Central Illinois Strawberry Festival - by Cindy Ladage and Janna Seiz. Every year the coming of summer is highlighted by different events for different people. For some, it is heralded with the end of school, tilling the garden, or completion of the planting season. To us, connoisseurs of find food, antique tractors, farm toys, crafts, and downright fun, the annual Strawberry Festival means summer is here. Every year, in Carlinville, Illinois, the Macoupin County Historical Society and the Macoupin Agricultural Antique Association team up to fill th
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1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
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