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Profit made off of cattle !
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<blockquote data-quote="Brandonm2" data-source="post: 428692" data-attributes="member: 2095"><p>Not so. If a chicken farm in America has ever posted a profit I am unaware of it. They live off depreciating those barns. When the depreciation is about to pay off they update their houses or build another one. You can lose money year after year after year; BUT if you do, you had better be able to defend yourself. The IRS CAN sweep in and declare your operation an "abusive tax shelter" and disallow just about every expense on your 1040F. A lot of tax advisers don't want any part of defending whether or not you are making an effort to make money so they will advise you to post profits (even if you did not!) 2 out of every 5 years as recommended by the IRS. The seedstock industry in America never really recovered from THAT ~1986 tax rule. Before then it seemed like every fourth Doctor in the country was either a Brangus or an Arabian breeder. Get an accountant who actually specializes in ag accounting. He can help you get all the documentation that you will need to have in your file IF you ever get that dreaded letter from our federal masters and can advise you as to whether or not you would be advised to post farm losses or not.</p></blockquote><p></p>
[QUOTE="Brandonm2, post: 428692, member: 2095"] Not so. If a chicken farm in America has ever posted a profit I am unaware of it. They live off depreciating those barns. When the depreciation is about to pay off they update their houses or build another one. You can lose money year after year after year; BUT if you do, you had better be able to defend yourself. The IRS CAN sweep in and declare your operation an "abusive tax shelter" and disallow just about every expense on your 1040F. A lot of tax advisers don't want any part of defending whether or not you are making an effort to make money so they will advise you to post profits (even if you did not!) 2 out of every 5 years as recommended by the IRS. The seedstock industry in America never really recovered from THAT ~1986 tax rule. Before then it seemed like every fourth Doctor in the country was either a Brangus or an Arabian breeder. Get an accountant who actually specializes in ag accounting. He can help you get all the documentation that you will need to have in your file IF you ever get that dreaded letter from our federal masters and can advise you as to whether or not you would be advised to post farm losses or not. [/QUOTE]
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Profit made off of cattle !
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