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Sec 121 and the Sale of a Farm
Client sold 35 acres with their primary residence. They had leased 30 of the acres for years. They vacated their house in September of 2016 and sold it in February 2017. On page 11 of Pub 523 it states that if the property was not in business use at time of sale, or in the year of sale the gain does not need to be allocated. It is an exception which... -
Horse boarding services
What's your opinion? Client provides boarding services for horses on her farmette. No training or other services provided, just a place for people to keep a horse and ride around. Do you put this on a Sch F, Sch C or Form 8435? She does no other farming activities at all. Like to hear how you would treat this income. Thanks, -
Cattle Leasing & Replacement
Looking for some confirmation or further direction on some questions that my client has raised regarding a cattle lease arrangement.
Client leases 55 head of cattle and they get paid for feeding, breeding, and taking care of the animals. At the end of the lease 8 cows have died or need to be culled. The lease agreement requires that... -
Center Pivot Irrigation Expenses
My clients are considering installing irrigation on a quarter of land. According to Pub 225, Irrigation systems and water wells can be depreciated if their useful life can be determined. Pub. 946 says land improvements are 15-year MACRS. Couldn't find anything regarding S179, so that looks like a no.
Am I missing something? I sure...
