Posted by Bruce from Can. on February 09, 2018 at 11:24:07 from (76.69.31.140):
In Reply to: Hobby Farmers posted by Morgan in ar on February 09, 2018 at 10:38:45:
Here in Canada , if your off farm income is greater than your on farm income , then you are in the class of restricted loss. Meaning you can't write off all the losses that your farm might create from buying equipment for example, because you may be just trying to shelter money earned from your off farm job. To be able to claim any farm loss, against farm income , I believe you have to gross at least $7,000.00 of farm income. To me if your off farm income is greater than your on farm, you fit the hobby farm class. Or if you work more hours at your job off the farm then you work on the farm , you really are not a full time farmer. But what is in a name. Cash crop farmers work six weeks in the spring and six weeks in the fall , and still claim to be full time framers, That should stir the fire up some , lol
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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