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Re: converting residential acres to agricultural
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Posted by Terry Nelson on March 12, 2002 at 09:50:02 from (64.24.215.26):
In Reply to: converting residential acres to agricultural posted by Tim, Ohio on March 12, 2002 at 07:43:08:
Tim, it's important to differentiate between Gross income and Net income when you plan this venture. My guess is they're only looking for Gross income and you won't need to make a profit. (For example, the Feds [IRS] don't generally expect a business profit until the 5th-7th year of business operations.) Some of our accountant friends can help with that. On another note, I hope you're not dissuaded by the hostility vented towards some new land owners arbitrarily called "Yuppies", as expressed in some of the previous posts. Most of the members of this site will be very helpful as you undertake this venture. Good luck.
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