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New Farm tax law

B

Billy Shafer

Well-known Member
Has anybody tried to read the thing.Ten days into the new year and people are really P O at some of the things in it. I tried reading it this morning. Very confusing.
 
(quoted from post at 09:07:34 01/10/12) Has anybody tried to read the thing.Ten days into the new year and people are really P O at some of the things in it. I tried reading it this morning. Very confusing.
Click to expand...

Pretty simple really.

1. How much money did you earn?

2. Send it to the IRS.
 
Still own some property, but am pretty much out of 'farming', since I retired a few years ago. I gave up on trying to keep with the tax code(s) many, many years ago. The VERY BEST money a farmer/rancher can spend is to pay a competent accountant/tax advisor.
 
Not that simple Rusty. Some things that were AG exempt no longer are. Such as feed for pets on a farm. Now is a working cattle dog a pet or a farm animal. If you buy a water hose for the farm. It is exempt if you only use it at the barn. If you buy it for the house. It is not. If you buy rock for a road on your farm. It is tax free. But if the road goes buy your house. The portion from your house to the main road is taxable. Past your house it is tax free. At least that is the way I read it.
 
Think what Rusty was saying is ----If you made any money, just send it on to the IRS, they'll get it somehow anyway. correct me if I'm wrong rusty. By the way, I think you're right about it.
I bought a new 4 wheeler last Jan. & don't ride it much at all except for here on the farm. Ohio sent me a form to fill out & trying to be honest, I knew the grandkids would probably ride it some, so I put 10% for recreation. Had to pay taxes on it cause I wasn't going to use it 100% for farm use. I guess if you take a grandchild for a ride on the tractor once in the year, you can't claim it as farm use either. I think our fine folks in power want to make us lie as much as they do in order to survive. Now watch this go poof. Just my thoughts, keith
 
All the regulations comming out of washington are getting out of hand.And all the sheepul do is complain after they are pasted.It is getting out of hand.We can elect differant people but it is all the same.I live in Wi and if Walker is recalled I think all the producers should hold back on thier property taxes.And the parasites can starve.
 
The rides on tractors are not rides but are instead training. For training I think there should be a grant for that. Sunday would be overtime for grandpa the instructor.
 
Its been that way in Canada for a long time, to qualify as farm use, different stuff has to have certain % of on farm use.

ie quad cab pickup with short box has to be over 90% farm mileage or something like that to claim as 100% farm use. Under that you prorate expenses and depreciation etc.

A flatbed reg cab only has to have something like 50%+ farm use to qualify.

Nothing to do with you home can be claimed as farm except the business use exemption for an office.
 
I also live in wisconsin, and if the recall works our property will sky rocket because that will send a message that Madison can spend and spend.

Bob
 
Problem with exemptions is, they are always complicated and there are always people who will abuse them. Politicians always profit from them. I am in favor of no exemptions for anything. I got a bad knee, told the doctor I don't want a handycap parking tag. I'll take the first spot available. I see healthy teenagers in grandmaw's car parked in the blue zone. I know people that drive pickups with farm tags that don't even have a garden. Stop all exemptions and have a flat tax. There is no cheating that way.
 
Forgot to say this is a Texas tax law.But still a confusing law. Another part of the stupid law. Tires and parts for your farm truck are not tax excempt if you drive it on the highway. But grease and oil is.
 
Sounds like they copied Kentucky's ag sales and use tax exemption list. A few years ago the bean counters and I went round and round about where the driveway to the house ended and the road to the barn began. A good accountant, good records, and pictures are a good thing.
 
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