thanks. so can a person expense out more than you bring in and decrease your

Sep 11, 2024
9:38:00pm

qwerew All-American

taxable income? for example, you just have to have a tractor for the small farm which the farm can't even begin to pay for so you end up with business losses. How does that affect taxable income?

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qwerew

Bio page: qwerew
Joined: Aug 17, 2006
Last login: Sep 19, 2024
Total posts: 5,932 (1 FO)

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Messages

Author

Time

Farmers, I'm told I need a small "farm" because of so many tax write-offs. Are

qwerew

Sep 11, 9:09pm

In Virginia my friend only has an acre but they put 2 vicuñas on it so they

Longseason

Sep 11, 9:14pm

I have small farm tax write offs. I live on just under 6 acres and raise pigs

southbaycoug

Sep 11, 9:17pm

thanks. so what things qualify for "farming related expenses"?

qwerew

Sep 11, 9:31pm

Truck, fuel, feed, supplies (fencing, barn, troughs, etc). Pretty much anything

southbaycoug

Sep 11, 9:32pm

thanks. so can a person expense out more than you bring in and decrease your

qwerew

Sep 11, 9:38pm

Yes. The business can have losses. I’m not a tax expert but I believe there

southbaycoug

Sep 12, 9:50am

thanks. that makes sense on the limits.

qwerew

Sep 12, 11:24am

2.5 acre “farm” here. Raise chickens and goats. Zoned ag land, so save a ton on

Flippy

Sep 11, 9:23pm

thanks. and you get "free range" eggs to boot.

qwerew

Sep 11, 9:33pm

What state is this in? Are you near a major city?

Iman23

Sep 11, 9:41pm

just watch Clarkson's Farm on Prime and you'll learn all you need to know about how easy and lucrative it is to start up

byujag

Sep 12, 8:45am

I watched all 3 seasons. Fun show. I don't need my hobby farm to be lucrative bu

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