JD Seller....Abandoned Silos, Revisited

Texasmark1

Well-known Member
Mr. Seller. When this subject hit the air, you spoke of "..........what the government defines as a farm". You didn't define it, but if you know would you share it with us?

Thanks
Mark
 
Unfortunately a lot of government
employees have lost touch with the farm .
Back in the drought of 88 the government
was going to help farmers buy hay. I will
never forget the argument I had with them
about how much hay I put up I did
rotational grazing it was kinda hard to
tell them how many bales you made when
it's direct feed.
A lot is done on the buddy system if
you're connected to the right person in
the right government agency your are a
farmer. The other day I wanted to cancel a
appointment had to go all the way to the
top before it got done
Banks are another problem area they like
to either pick people that have buddy's
that are well connected. If you're on your
own forget it. I've farmed all my life yet
if I go to a bank farm expense counts farm
income doesn't I wonder how many farmers
make it running cash only it's better than
arguing.
 
In general, the gov't will have hard time not considering you a farm if you file schedule f on your income taxes. That is income and loss from farming.
 
I think it is important to point out that different government agencies have different definitions of a "farm". NRCS and FSA for example have a different definition of "farm".

Look up 7 CFR 761.2(b) and you will find FSA definitions. (CFR = Code of Federal Regulations)
 
farmerwithmutt: You have made the statement before about your bank not counting farm income. I find that real hard to believe. I have been on both sides of that equation, farmer and loan board. Income was counted as long as it was provable. Meaning we liked to see things that where provable like cattle or commodity sales. On other types of income like produce or something we likes to see a track record meaning several years of sales.

If your bank is not counting your farm income and you file a schedule "F" listing that income they are way out of line. I would find another bank.
 
What a "farm" is means different things to different levels of government. My Brother lives in a state that has real estate tax abatements IF your a farmer. He has to have $2500 of farm PROFIT to quality for those, not gross but profit. Some Federal agencies require a $25000 gross income to be counted as a farm. So it really depends on who you dealing with.
 
Well guys I didn't get what I thought I might get for an answer but I did get somewhat enlightened.

Thanks for your time.
Mark
 
Ditto. I am on the lending side and run a small farm on the side. If you have a schedule C or F and that isn't good enough for your bank then jump ship.
 

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