Posted by Bruce from Can. on February 09, 2018 at 11:24:07 from (76.69.31.140):
In Reply to: Hobby Farmers posted by Morgan in ar on February 09, 2018 at 10:38:45:
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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