What do you guys tell your client who wants to "write off" his new farm tractor, fence, equipment, etc for his week-end farm - has full time (W2) job and is not nearing retirement - just wants to show a loss on his farm because ALL his friends do it....?
"part time" farm expenses
Collapse
X
-
I tell them to forget it. It's a highly questionable deduction, unless he can show some income from the enterprise. And a highly audited one. Check out the hours he spends actively engaged in trying to operate the farm as a business, and the income he derives from it.Last edited by Burke; 04-04-2010, 11:21 AM.Comment
Disclaimer
Collapse
This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.
Comment