Posted by DeltaSteve on July 28, 2020 at 10:57:45 from (67.41.195.45):
In Reply to: Hobby farm posted by Howard Parker on July 28, 2020 at 09:03:07:
Here in western Colorado,as long as it has a produceing/harvested crop on it,it qualifies as farm ground. And has a tax base as per 'AG'.Unused/vacant ground 'enjoys' a much higher tax bracket.It takes 3 years of farming/raiseing/harvesting a crop to regain 'AG' status. Yes,you can loose youe AG tax if your ground is not actively farmed. It can simply be grass hay that is cut once a year,or pasture for cattle(horses dont count) to get AG status.Your Schedule F will determine it you are a 'hobby' farm,or a 'busness'(money makeing) farm.See your professional tax accountant.
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Today's Featured Article - Fordson Model N: Field Service Operations and Lubrication - by Anthony West. The daily or weekly servicing of any vehicle is of the utmost importance, and in days gone by when our favorite tractors were doing an important and Commercially vital job on the farm, these service operations would make a major difference to the running costs and economy of the farm. This being so, it surprises me to see how many enthusiasts attending rallies, shows etc, seem to be unaware of the importance of this constant attention. Possibly the modern machine with its 6,000 mile or even once
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