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<blockquote data-quote="John Wayne" data-source="post: 493455" data-attributes="member: 5769"><p>As the others said these can be deductions, and they are deductible. Some have to be amortized some may be taken in that tax year. But the I R S makes a big distinction between a working farm/ranch and a hobby farm. The rule of thumb is you must not show a loss for more than 2 years out of the last 5. In other words you cant just use your hobby as a tax write off. There have been a few court cases recently that have addressed this issue and I'm sure they were expensive for the folks involved. As has been stated your tax accountant will know, that is if you get one that works for farmers/ranchers. Another big problem could be co-mingling of funds. Set up a farm account and use it for all of your farm needs it is a cheap easy way to help keep records. Dont mix it with your pay check from your town job. This all assumes that you want to make a profit from your operation of course. Good luck.</p></blockquote><p></p>
[QUOTE="John Wayne, post: 493455, member: 5769"] As the others said these can be deductions, and they are deductible. Some have to be amortized some may be taken in that tax year. But the I R S makes a big distinction between a working farm/ranch and a hobby farm. The rule of thumb is you must not show a loss for more than 2 years out of the last 5. In other words you cant just use your hobby as a tax write off. There have been a few court cases recently that have addressed this issue and I'm sure they were expensive for the folks involved. As has been stated your tax accountant will know, that is if you get one that works for farmers/ranchers. Another big problem could be co-mingling of funds. Set up a farm account and use it for all of your farm needs it is a cheap easy way to help keep records. Dont mix it with your pay check from your town job. This all assumes that you want to make a profit from your operation of course. Good luck. [/QUOTE]
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