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Non-Cattle Specific Topics
Coffee Shop
Form 6198 At-Risk Limitations
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<blockquote data-quote="Margonme" data-source="post: 1396682" data-attributes="member: 25776"><p>Federal Tax Form 6198 for the purpose of declaring how much investment you have at risk. The activity of farming is an activity for which it is required.</p><p></p><p>I do my own taxes. I just finished 2016. It amazes me how anyone ever shows a profit. Considering:</p><p></p><p>farm truck mileage at 54 cents per mile cost me $9,011.52 and I exclude personal use. Honest.</p><p>depreciation of fence, structures, truck, equipment, trailer</p><p>liability insurance - my farm insurance is now $1,267.66. It covers my equipment, structures, cows, and liability</p><p>property taxes</p><p>feed and hay cost</p><p>fertilizer and lime</p><p>fuel</p><p>supplies</p><p>repairs and maintenance</p><p>seeding</p><p>utilities - my utilities cost last year was $1,567.12</p><p>veterinarian/breeding/vaccination/fly control/parasite control</p><p>labor</p><p></p><p>My question is: Are you filing a 6198?</p></blockquote><p></p>
[QUOTE="Margonme, post: 1396682, member: 25776"] Federal Tax Form 6198 for the purpose of declaring how much investment you have at risk. The activity of farming is an activity for which it is required. I do my own taxes. I just finished 2016. It amazes me how anyone ever shows a profit. Considering: farm truck mileage at 54 cents per mile cost me $9,011.52 and I exclude personal use. Honest. depreciation of fence, structures, truck, equipment, trailer liability insurance - my farm insurance is now $1,267.66. It covers my equipment, structures, cows, and liability property taxes feed and hay cost fertilizer and lime fuel supplies repairs and maintenance seeding utilities - my utilities cost last year was $1,567.12 veterinarian/breeding/vaccination/fly control/parasite control labor My question is: Are you filing a 6198? [/QUOTE]
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Form 6198 At-Risk Limitations
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