Re: OT: taxes on small farm

Posted by Mike (WA) on October 07, 2005 at 12:20:20 from (209.213.153.116):

In Reply to: Re: OT: taxes on small farm posted by BobMo on October 07, 2005 at 11:34:04:

While you are correct to caution people about taking advice from people on the forum, in this case, the other posters gave good advice. Marcus would be well advised to talk to a CPA about the hobby farming situation. I will say, from my experience both personally and professionally, he will probably never have a problem with IRS given the numbers he supplied, especially if he shows a profit on the farm occasionally. If he shows a profit every year, then IRS will be happy to let him write off all reasonable and necessary farm expenses, including the depreciation on the barn.

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