Small farm tax write off | TigerDroppings.com
Posted by
Message
lsuguru
LSU Fan
Lake Charles
Member since Aug 2007
832 posts

Small farm tax write off

I just inherited about 30 acres of rural land and I'm trying to decide what to do with it. After talking with friends, one of them suggesting putting cows on it, as a tax write off. What are some benefits or write off's that can be associated with putting a few cows on the property. Any other suggestions for what to do with the land. TIA


Cdawg
Mississippi St. Fan
TigerFred's Living Room
Member since Sep 2003
41180 posts

re: Small farm tax write off
IRS - 225

instead of cows, look into planting timber for ag status.


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Small farm tax write off
We have 60 acres and decided to become pine tree farmers. We are currently clearing it and will be planting in Jan-Feb. I believe the advantage of doing timber is that you don't have to show a profit w/in 3 yrs. we are new to this, so we are kind of learning as we go.


lsuguru
LSU Fan
Lake Charles
Member since Aug 2007
832 posts

re: Small farm tax write off
How many years are you looking at until a harvest date? 10? 20 years?


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Small farm tax write off
Yes, something like that. I believe a yr or 2 after we plant, they come over it a helicopter and spray it for bugs and the then the first thinning is done at about 7-8 yrs.


Replies (0)
Replies (0)
Page 1 of 1

Back to top

Follow TigerDroppings
Follow us on social media and get the latest updates.

FacebookTwitterInstagram