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 - Tractor Implements and Their Use - by Curtis Von Fange. Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he reached his early sixties
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