Posted by jake collie on April 23, 2013 at 17:15:02 from (54.228.16.142):
I have owned some land for the last ten years that I have let the neighbor farm for free. It needs to be plowed this year after many years of being hay so I told him I was going to farm it myself from now on. I will be putting in corn and expect to make around $3000 this fall when I sell it. I would like to write off my expenses so I can lessen my income but I don't currently have a farm business. Over the years I have amassed a few tractors and some equipment that I wouldn't mind writing off either. If I start a business can I write off what I paid for the tractors and equipment or do I first need to sell them to my business from myself to be able to write them off? If I do need to sell them to my business do I have to claim the money I sell them for as income on my personal taxes? If I do have to claim the income it really doesn't pay to do anything.
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