I am a crop farmer, not an ag. tax expert. I have never heard of such a thing. The only deductible expense I know of in purchasing land is the interest on any loan. The value of buildings and bin on the land I bought most recently is insignificant compared to the land. It was pattern drained by hand with tiny clay tile every 50' . What value do you put on that? If I could have expensed or depreciated a replacement value on all the tile here I could have claimed more than I paid for the place, and gotten the land thrown in for free! Is uncle Sam going to swallow that? What am I missing here?
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Today's Featured Article - On the Road with Dave Gohl: Deere Departed Friend - by Dave Gohl. Have you ever had to part with a dear friend? It's not easy. If it's due to death, your feelings could be in disarray for days, months or even years. Even now after almost 4 years, I still miss my dad. I remember when I was a kid my dad sometimes would tuck my brother and I in at night and we would ask him questions about his childhood on the farm. To this day, it's some of the best stories I've ever heard. And now, I'm so glad that I asked those questions, and if I were a little smarter i
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