Farmall & IHC Tractors Discussion Board |
Re: Taxes and Tractors
[ View Follow Ups ] [ Post Followup ] [ Return to Forum ]
Posted by Greg on March 06, 2002 at 21:57:12 from (4.61.201.133):
In Reply to: Taxes and Tractors posted by Alabama on March 06, 2002 at 09:34:32:
Here is an excerpt from the IRS web page, IRS.GOV. Generally, a hobby is an activity that is carried on for personal pleasure or recreation. It is not an activity entered into with the intention of making a profit. In determining whether you are carrying on an activity for profit, all the facts are taken into account. No one factor alone is decisive. Among the factors to consider are whether: You carry on the activity in a businesslike manner The time and effort you put into the activity indicate you intend to make it profitable You depend on income from the activity for your livelihood Your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business) You change your methods of operation in an attempt to improve profitability You, or your advisors, have the knowledge needed to carry on the activity as a successful business You were successful in making a profit in similar activities in the past The activity makes a profit in some years, and how much profit it makes You can expect to make a future profit from the appreciation of the assets used in the activity The importance of knowing whether you are involved in an activity for profit or as a hobby is that the amount of expenses you can deduct if the activity is a hobby are limited to the amount of income from the same activity. References: Publication 535, Business Expenses
Follow Ups:
Home
| Forums
Today's Featured Article -
Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
Copyright © 1997-2024 Yesterday's Tractor Co. All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V. Yesterday's Tractors - Antique Tractor HeadquartersWebsite Accessibility Policy |
|