That may be what you have been told by a tax preparer but what you have stated is not the law, the law is you can lose money every year if you have other earned income to offset against. I can buy a $45,000 tractor for a 5 acre corn patch if I want to and take the section 179 deduction or depreciate it out, if I was audited I would have to prove that I bought the tractor, planted the corn and sold or used the corn myself. You check a box and sign your name on the schedule ''F'' stating that your capital is at risk and you are an active farm operator. The reasonable expectation of profit is left up to yourself and perhaps your banker, the IRS is not going to make that determination.
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Today's Featured Article - The Engine Rebuild Kit - by Curtis Von Fange. I always liked engine rebuild kits. They have all the replacement parts for overhauling an engine without going to the store to get gaskets, special measuring tools, or miscellaneous parts. They come neatly packaged, clean and tidy. But it's important not to let that packaging lull you into a false sense of security. The appearance of matching sleeves, pistons, rings, and bearings can cause frustration and agony if not properly measured and installed in a workshop environment. Following c
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