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Mar 28, 2025
1:15
:35
pm
ATX
Intervention Needed
You’ve got to look a local rules and tax law. To get ag exempt property you
Need To fit certain requirements. I’m assuming calling yourself a farm would have a lot of requirements to show you are a legitimate business entity
This message has been modified
Originally posted on Mar 28, 2025 at 1:15:35pm
Message modified by ATX on Mar 28, 2025 at 1:15:54pm
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ATX
Previous username
A Drew Aitch
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ATX
Joined
Feb 28, 2007
Last login
Mar 31, 2025
Total posts
21,170 (179 FO)
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Messages
Author
Time
Tax advice needed. We recently moved to Lexington, KY (Scott Co.). We're on 5
dYrtbYkerYder
Mar 28, 1:05pm
So much to unpack there but one simple comment I can make is be careful
JAGA97
Mar 28, 1:09pm
You’ve got to look a local rules and tax law. To get ag exempt property you
ATX
Mar 28, 1:15pm
I will just give you my experience, I’m not a tax professional.
BPintheCouv
Mar 28, 1:18pm
Okay, I probably won't need an LLC, but a separate bank account may help me to
dYrtbYkerYder
Mar 28, 1:28pm
Rental property should be in an LLC. The LLC will be disregarded for income tax
RBLegend
Mar 28, 1:22pm
LLC's are pass through entities. You will still pay taxes on it as investment
JAGA97
Mar 28, 1:26pm
LLC will be disregarded if set up properly. Real estate should NEVER be held in
RBLegend
Mar 28, 1:30pm
Disregarded yes. Still have to file a schedule C, 1065, or 1120 S on rental
JAGA97
Mar 28, 2:03pm
An S corp should never own real estate. It will cause major problems at the
RBLegend
Mar 28, 2:43pm
I'm not a tax guy; there are limitations on hobby farms
Ol Big Bear
Mar 28, 1:40pm
I would just report the farming activity on schedule F
oohYeah
Mar 28, 2:07pm
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