| T O P I C R E V I E W |
| Lauram |
Posted - Nov 07 2005 : 4:31:42 PM
We are building our farmhouse this winter on a farm we just bought, but I won't be able to grow crops and sell for a few years. I was wondering, if next year I wanted to get started experimenting with certain crops, can I write off the purchase of a tractor and some other expenses if I get my business license? Wasn't sure how it works with agriculture. We are building on a legally zoned farm, so that should make it easier.
Thanks! |
| 2 L A T E S T R E P L I E S (Newest First) |
| Lauram |
Posted - Nov 08 2005 : 3:44:28 PM
Thank you for sharing your exprience! We will hire an accountant too so we can make sure we are abiding the law and taking advantage of write-offs as much as we can. I'll share your comments with my husband. :) |
| Mari-dahlia |
Posted - Nov 08 2005 : 05:38:49 AM
We did. We did hire an accountant though. We made our farm an LLC, similar to a corporation but not quite. Even with the farm as a seperate business it can be used against your own income with this kind of LLC. We bought a tractor, built a barn, have a farm office in the house and bought a pickup truck, feed for the chickens, etc. Some of these things have percentages on them but it adds up and helped alot. There is a 4-5 year period of time that the government wants to see a farm work in, so far we have done this 2 years and our income in farming has not exceded our expenses, maybe this year. |
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