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Re: Taxes and Tractors
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Posted by The Red on March 06, 2002 at 11:54:07 from (206.246.187.2):
In Reply to: Taxes and Tractors posted by Alabama on March 06, 2002 at 09:34:32:
My accountant and I went over this subject thoroughly back in 1990 when I bought a portion of the family farm. Since I cash rent, we deduct expenses using the rental forms. Since the cash rent is very depressed due to the markets, I am running a small loss right now each year. I wouldn't be surprised if the loss will be disallowed somewhere in the future. I deduct 50% of my 2 Hs for farm use and deduct 100% of the M for farm use. We are keeping the tractor count, for tax purposes, at a maximum of 3 due to the limited number of acres that are planted. Make sure you get professional advice from your local accountant on this subject!!!
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