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T O P I C R E V I E W
Posted - Nov 11 2015 : 05:31:10 AM I have a tax question . If a person is going to buy land to do a small farm on and they want to take it off on their taxes because I know a portion of that is tax deductible for a business do you need to be a business before you buy the land or does it matter?
Posted - Dec 21 2015 : 1:16:57 PM yes, you need to establish the business first or you will end up having to "sell" the land to the business later which means paying sales tax twice! It's easy to set up a business though- get an Tax ID Number (take about 10 minutes by phone) and check your state to see if you need to file a business entity notification, but usually just getting a TIN for the business is enough.