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 - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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