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Tractor Talk Discussion Forum

Re: Hobby Farmers

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rrlund

02-09-2018 12:23:20




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I don't know if that's the case her in the US anymore or not,Dave could tell you I'm sure,but it used to be that you could only show a loss for so many years. Seems like it was 7.




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Dave H (MI)

02-09-2018 14:06:05




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 Re: Hobby Farmers in reply to rrlund, 02-09-2018 12:23:20  
Losses from activities deemed hobbies are not deductible in the US. An activity will be deemed as having no profit motive (i.e. a hobby) if it does not show a profit 3 of 5 consecutive years. Race horse folk (and, yes, I do have a stable of thoroughbreds on my client list) get a lighter burden of proof. 2 of 7 years.



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jm.

02-09-2018 18:22:10




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 Re: Hobby Farmers in reply to Dave H (MI), 02-09-2018 14:06:05  
Dave Tree farmers are almost exempt from having to show a profit, can go several years with equipment purchases and loss before one sell the logs.. AND for TENNESSEE tax exemptions one can raise and board horses and NEVER sell one and still be farm tax exempt on purchases. Tax laws are really complicated and the word HOBBY farmer never comes into play.



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rrlund

02-10-2018 06:27:53




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 Re: Hobby Farmers in reply to jm., 02-09-2018 18:22:10  
That's a fine line to walk here in Michigan as far as property classification goes. In general if it's horses it's ag. You can have a stable where you let the public come in and pay you to let them ride your horses and it ag,but if you have a stable that boards horses and more than half the horses in the facility belong to somebody else,it's commercial.



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rrlund

02-09-2018 14:20:37




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 Re: Hobby Farmers in reply to Dave H (MI), 02-09-2018 14:06:05  
I remember a school teacher here who had claimed losses farming for as long as he could. He was really struggling to find a profit. He even claimed the kids fair premiums as his income that year.



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Dave H (MI)

02-09-2018 14:55:14




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 Re: Hobby Farmers in reply to rrlund, 02-09-2018 14:20:37  
One of the very rare times we scramble for items of income instead of deductions. It does happen. :)



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