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Cattle Boards
Beginners Board
farming and the IRS
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<blockquote data-quote="Farmhand" data-source="post: 79588" data-attributes="member: 1292"><p>As suggested by the others - keep records for every nail, gallon, bag, etc.</p><p>Definitely find a good ag accountant. Have read where a farm needs to show profit 2 out of 7 years to be considered a farm and not a hobby. My tax man says that if you can answer why to everything you claim then you won't have a problem.</p></blockquote><p></p>
[QUOTE="Farmhand, post: 79588, member: 1292"] As suggested by the others - keep records for every nail, gallon, bag, etc. Definitely find a good ag accountant. Have read where a farm needs to show profit 2 out of 7 years to be considered a farm and not a hobby. My tax man says that if you can answer why to everything you claim then you won't have a problem. [/QUOTE]
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