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Profitability 2.0
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<blockquote data-quote="Bright Raven" data-source="post: 1552925" data-attributes="member: 27490"><p>Schedule F is the farm tax portion of the 1040 tax return. I do my own taxes. I have made a couple mistakes over the last few years but all the IRS has done is require me to correct it. If you get through it once, it becomes easier each time.</p><p></p><p>There are many ways to measure profit. On a cash flow basis, I generate enough cash to cover expenses without borrowing. I have zero debt. I purchased my farm on a cash basis and I operate on a cash flow basis. That does not mean I have made a profit because I have not generated all my cash flow with revenue produced from farm sales. </p><p></p><p>In answer to your question, cash flow began with the first calves I sold as feeders. I actually did pretty well in the beginning because I started during the "cattle boom".</p><p></p><p>The real gains will be captured when I sell the estate. The improvements that I have written off through depreciation will be unencumbered. So there should be a nice capital gain in the end. I expect the IRS is going to help me share in that gain.</p></blockquote><p></p>
[QUOTE="Bright Raven, post: 1552925, member: 27490"] Schedule F is the farm tax portion of the 1040 tax return. I do my own taxes. I have made a couple mistakes over the last few years but all the IRS has done is require me to correct it. If you get through it once, it becomes easier each time. There are many ways to measure profit. On a cash flow basis, I generate enough cash to cover expenses without borrowing. I have zero debt. I purchased my farm on a cash basis and I operate on a cash flow basis. That does not mean I have made a profit because I have not generated all my cash flow with revenue produced from farm sales. In answer to your question, cash flow began with the first calves I sold as feeders. I actually did pretty well in the beginning because I started during the "cattle boom". The real gains will be captured when I sell the estate. The improvements that I have written off through depreciation will be unencumbered. So there should be a nice capital gain in the end. I expect the IRS is going to help me share in that gain. [/QUOTE]
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