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O/T Need Your Advice
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Posted by Allan in NE on April 23, 2005 at 08:02:41 from (148.78.243.24):
Mornin' Guys, I really hate being dumb as I am and not understanding something, so I'll just spill my guts and ask. Maybe some of you can enlighten me. As you all know, the wife and I need a diversion and we are building towards a small farm and the equipment it takes to run it. Eventually, we want to cut back on this corporation and become more self-sufficient on a little farm because we are both getting up in years and we wanna just step back and slow down. So, in pursuit of this idea and because it is so darned cheap to acquire and run, I've been buying a lot of 30-year-old equipment, paintin', fixin' it all up and parking it out in a field until the day we can start this little endeavour. Okay, now we run into a small problem. To date we haven't been able to locate a decent operational farm to purchase and therefore cannot file as a farming entity on our taxes. I get a call yesterday from the county assessors' office telling me that I have to come in and sign a personal property form and to bring my depression schedule. Since we are not actively farming and cannot claim it as a farming related expense, I have a feeling I'm gonna get dinged and dinged hard on all this old junk as being considered taxable personal property. Is this how this is gonna play out? I'm startin' to get a headache. :>( Thanks, Allan
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