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Country Discussion Topics
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Tax Question
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RedTail    Posted 03-07-2004 at 13:54:04       [Reply]  [No Email]
So I am doing my taxes, and I am wondering what a Farm is defined as by the IRS. We have horses, sheep, some kids(human) and sell a little hay. When can ya call yourself a "farm"??


Steve From TN    Posted 03-07-2004 at 14:34:13       [Reply]  [No Email]
A farm has to bring in income to you. I believe that you have to make a profit maybe 1 year out of 3. That is a guess.


Jessie    Posted 03-07-2004 at 15:10:40       [Reply]  [Send Email]
Also go to your local Farm Service Agency (Feds) and sign your place up as a farm.


Dave Munson    Posted 03-07-2004 at 19:08:44       [Reply]  [No Email]
Silly question, what does that do for you (assuming neutral or no income from the farm)


Burrhead    Posted 03-07-2004 at 21:04:19       [Reply]  [No Email]
the FSA assigns you a gubermint farm listing number. It does'nt make any difference to them if you make money or not, but it gives you all the info needed to file the farm as either income or loss at tax time. It also lets you claim tax exempt on some types of sales tax.

Steve you don't ever have to show a profit from the farm unless you are showing the farm as your only source of income.


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