Velvet
by Mbrock. 04/28/24 09:16 PM
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7 registered members (Muzzy76, JustHunt, gregnbc, Tupi, Tree Dweller, oldknight, BC_Reb),
840
guests, and 0
spiders. |
Key:
Admin,
Global Mod,
Mod
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Re: Claiming small farm status
[Re: Flatrockrunner]
#1405663
08/01/15 05:14 PM
08/01/15 05:14 PM
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Joined: Nov 2009
Posts: 10,979 wedowee
daniel white
Booner
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Booner
Joined: Nov 2009
Posts: 10,979
wedowee
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How many acres you have?? How many head of livestock you have???
"You do and it will be the biggest mistake you ever made, you Texas brush popper" John Wayne
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Re: Claiming small farm status
[Re: Flatrockrunner]
#1405683
08/01/15 05:27 PM
08/01/15 05:27 PM
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Joined: Nov 2014
Posts: 6,410 Elba
Farmer64
12 point
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12 point
Joined: Nov 2014
Posts: 6,410
Elba
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I got 2 mater plant an some pepper bushes. Can I ? I have a half acre. Oh yea the peppers burnt up. They gone.
American by birth Southern by the grace of God.....
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Re: Claiming small farm status
[Re: Flatrockrunner]
#1405692
08/01/15 05:32 PM
08/01/15 05:32 PM
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Joined: Nov 2009
Posts: 10,979 wedowee
daniel white
Booner
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Booner
Joined: Nov 2009
Posts: 10,979
wedowee
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This is my opinion on Tax write offs for farming... I promise you its cheaper to pay the damn tax, verses someone getting some petty ass animals for tax exceptions..
"You do and it will be the biggest mistake you ever made, you Texas brush popper" John Wayne
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Re: Claiming small farm status
[Re: daniel white]
#1405694
08/01/15 05:35 PM
08/01/15 05:35 PM
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Joined: Nov 2010
Posts: 11,651 Longwood, FL
jlbuc10
Booner
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Booner
Joined: Nov 2010
Posts: 11,651
Longwood, FL
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How many acres you have?? How many head of livestock you have??? 4 acres. 4 goats
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Re: Claiming small farm status
[Re: daniel white]
#1405717
08/01/15 05:48 PM
08/01/15 05:48 PM
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Joined: Aug 2003
Posts: 42,122 UR 6
top cat
Freak of Nature
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Freak of Nature
Joined: Aug 2003
Posts: 42,122
UR 6
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This is my opinion on Tax write offs for farming... I promise you its cheaper to pay the damn tax, verses someone getting some petty ass animals for tax exceptions.. I knowed you wus smart when I met ya
LUCK:::; When presistence, dedication, perspiration and preparation meet up with opportunity!!! - - - - - - - -A government big enough to give you everything you want, is big enough to take everything you have. Thomas Jeferson - - - - - - - -
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Re: Claiming small farm status
[Re: jlccoffee]
#1405878
08/02/15 04:17 AM
08/02/15 04:17 AM
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Joined: Jul 2011
Posts: 34,459 Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,459
Boxes Cove
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Look up the IRS definition of a farm vs a hobby. You don't register or anything like that but if you ever get audited you will have to prove you were farming and that this wasn't just a hobby. Would be hard for you to do in this case is my opinion. This ^^^^^, better talk with a real tax pro, not a rookie. Folks getting hobby farm, hunting land, hunting club write offs are all smiles till they get audited. I won't even get into guvment cost sharing for wildlife improvements and such. Ya better be careful, I like DW's approach, outa site outa mind, pay a little tax and keep the man outa yer business.
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Claiming small farm status
[Re: croman69z28]
#1405898
08/02/15 04:49 AM
08/02/15 04:49 AM
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Joined: Nov 2009
Posts: 10,979 wedowee
daniel white
Booner
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Booner
Joined: Nov 2009
Posts: 10,979
wedowee
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I have about 20ac all together and keep 4-5 breeding hefers. I keep all of my receipts for diesel fuel, feed, hay lease and anything else I buy the is related to the farm. My tax lady takes everything off and I get a nice little bonus to my return. Last year it added $3500. I'm going to spend the money anyway, why not throw the receipts in a folder and make a little back? Either that is the nicest 20 acres in the southeast, and the best, fattest cows.. OR, you better hope you don't get audited. It's none of my business, and your grown, so do what you want. Just giving you a heads up. I farm for a living, my soul income and tax returns comes form farming. SO, I I for one hate tax time.. Just throwing that out there..
"You do and it will be the biggest mistake you ever made, you Texas brush popper" John Wayne
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Re: Claiming small farm status
[Re: croman69z28]
#1405987
08/02/15 06:50 AM
08/02/15 06:50 AM
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Joined: Sep 2002
Posts: 8,180 Coffee Co, AL
jlccoffee
14 point
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14 point
Joined: Sep 2002
Posts: 8,180
Coffee Co, AL
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I have about 20ac all together and keep 4-5 breeding hefers. I keep all of my receipts for diesel fuel, feed, hay lease and anything else I buy the is related to the farm. My tax lady takes everything off and I get a nice little bonus to my return. Last year it added $3500. I'm going to spend the money anyway, why not throw the receipts in a folder and make a little back? How often are you showing a profit?
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Re: Claiming small farm status
[Re: Flatrockrunner]
#1406028
08/02/15 07:55 AM
08/02/15 07:55 AM
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Joined: Oct 2009
Posts: 5,696 Henry county
coldtrail
12 point
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12 point
Joined: Oct 2009
Posts: 5,696
Henry county
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Why would you want to involve the government in any way that you don't have to? If you plan on continually claiming a loss and don't pay taxes on any profit your asking to be audited.
"And the days that I keep my gratitude Higher than my expectations Well, I have really good days" Ray Wylie Hubbard
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Re: Claiming small farm status
[Re: Flatrockrunner]
#1406339
08/02/15 03:56 PM
08/02/15 03:56 PM
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Joined: Jan 2011
Posts: 38,489 N. Bama
257wbymag
Boo Boo Head
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Boo Boo Head
Joined: Jan 2011
Posts: 38,489
N. Bama
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I've already told my wife when our kids grow up and leave I'm putting a herd of cows on our 40. Or were adopting us a lil messsican.
Quietly killing turkeys where youre not!!! My tank full of give a fraks been runnin on empty I'm the paterfamilias
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