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Tractor Talk Discussion Forum

Re: Hobby Farmers

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Bruce from Can.

02-09-2018 11:24:07

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Here in Canada , if your off farm income is greater than your on farm income , then you are in the class of restricted loss. Meaning you can't write off all the losses that your farm might create from buying equipment for example, because you may be just trying to shelter money earned from your off farm job. To be able to claim any farm loss, against farm income , I believe you have to gross at least $7,000.00 of farm income. To me if your off farm income is greater than your on farm, you fit the hobby farm class. Or if you work more hours at your job off the farm then you work on the farm , you really are not a full time farmer. But what is in a name. Cash crop farmers work six weeks in the spring and six weeks in the fall , and still claim to be full time framers, That should stir the fire up some , lol

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Traditional Farmer

02-10-2018 04:41:38

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 Re: Hobby Farmers in reply to Bruce from Can., 02-09-2018 11:24:07  
Back before I quit working an off farm job I was getting income from the job,the wife was getting income from her full time job,we were getting income from several rental houses,plus I owned
over 100 brood cows was into the farming operation with my father 50/50,he owned 100.You call that a 'hobby farm'? No it was just another business enterprise according to my accountant and I was making a good gross out of the farm but very limited net because I was pouring money into fencing and equipment for when I was going to quit the day job.Now I'm a 'real farmer' according to a lot of you fella's definition because I don't have the day job but the irony is I have less than 50 cows now,but still have the rentals so I guess that hurts my standing(LOL).I guess real farmers stay on the farm,whine and collect Gov't money to get by in tough times and hobby farmers got off their behinds and find some enterprise or job to make up the income gap they need and not become a
ward of the state.If so I'm a proud 'Hobby Farmer'.

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Morgan in ar

02-09-2018 11:42:58

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 Re: Hobby Farmers in reply to Bruce from Can., 02-09-2018 11:24:07  
That doesn't sound fair. They won't allow losses, but they are glad to take your income.

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Bruce from Can.

02-09-2018 12:00:56

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 Re: Hobby Farmers in reply to Morgan in ar, 02-09-2018 11:42:58  
They do allow some losses, but they are limited.

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02-09-2018 14:08:04

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 Re: Hobby Farmers in reply to Bruce from Can., 02-09-2018 12:00:56  
And your farm business has to show a potential for profit, not something you just keep pouring money in without a reasonable expectation of a profit

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02-09-2018 12:23:20

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 Re: Hobby Farmers in reply to Bruce from Can., 02-09-2018 12:00:56  
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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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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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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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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