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OT: taxes on small farm
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Posted by Marcuss on October 07, 2005 at 09:50:43 from (65.223.237.178):
Hi, (I know to contact an accountant, but want to see if there is any practical experience out there)
I farm 10 acres for profit and also work off farm making $36,000 per year. Farm brings in $1500/yr. So total income is $37,500.
If I build a pole-barn for storing farm machinery for $20,000...can I deduct the entire $20,000 from my income of $37,500.
Thanks!
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