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Re: converting residential acres to agricultural
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Posted by paul on March 12, 2002 at 14:12:58 from (199.3.9.7):
In Reply to: converting residential acres to agricultural posted by Tim, Ohio on March 12, 2002 at 07:43:08:
Tim, please help us clairify something. Just e-mail me if you prefer that... I farm in Minnesota, and each state has different laws. It also is important if you have a regular job & are 'hobby' farming, or if you are only farming as your only job - then things are different again. I will of course assume you have a regular job. :) Anyhow, do you need to generate a _gross_ income of $2500, or do you need a _net_ income of $2500??? Here in Minnesota you need to show a profit 2 out of 5 years. Also, cash rent becomes problematic - you often need to materially participate to get the best tax breaks, otherwise you are just a landlord with no risk & you are not 'actively farming'. You would need to crop share at least - this exposes you to profit & loss, and you get to spend money on inputs, help decide what inputs to use. In Ohio, are they concerened about gross or net income? It is possible to get $2500 gross income from 10 acres (or how many acres can you farm?) but it will be very difficult to sustain a $2500 net income from 10 acres unless you devote _many_ hours of time to high-value, high-risk veggies/flowers/herbs. This would then be your main job, with little time for other jobs.... Let us know! :) --->Paul
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