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 - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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