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re: Tax Strategist?
Posted on 8/24/26 at 10:33 am to Neauxla
Posted on 8/24/26 at 10:33 am to Neauxla
I’ve lived in this frame of thought for the last 5 to 6 years. My wife and I are both very fortunate W-2 earners.
LEGALLY- you can pay less taxes by making less money.
Our strategy has been flipping undeveloped timber properties classified as farms, and we legally take a loss on that every other year or so. However, it’s not saving much in the grand scheme of things, but I do get a lot of outdoor related things at a discount per se.
I would get familiar with the concept that only active losses can offset active income
LEGALLY- you can pay less taxes by making less money.
Our strategy has been flipping undeveloped timber properties classified as farms, and we legally take a loss on that every other year or so. However, it’s not saving much in the grand scheme of things, but I do get a lot of outdoor related things at a discount per se.
I would get familiar with the concept that only active losses can offset active income
1
Posted on 8/24/26 at 10:44 am to brightside878
quote:
I’ve lived in this frame of thought for the last 5 to 6 years. My wife and I are both very fortunate W-2 earners. LEGALLY- you can pay less taxes by making less money. Our strategy has been flipping undeveloped timber properties classified as farms, and we legally take a loss on that every other year or so. However, it’s not saving much in the grand scheme of things, but I do get a lot of outdoor related things at a discount per se. I would get familiar with the concept that only active losses can offset active income
I’ve been getting hammered every year. Wish there was something I could do. I’ve thought about creating a hunting LLC because I could sell some hunts and offset thousands I pay for diesel, corn general maintenance. I swear it’s $1000 bucks every time I go to my ranch. Tires, oil, fuel, feed, camera maintenance.
Going to need a new tractor soon and sxs.
Posted on 8/24/26 at 11:14 am to Rize
I am certainly not a CPA, but I believe you could depreciate those things in the first year and show income via sold hunts to make that all legitimate. What sucks is that it’s unsustainable and will inevitably fall into the column of hobby versus income-producing endeavor.
Where the flipping of land works/timber farming is every second or third year there’s a profit of just a little bit to avoid triggering and audit
Where the flipping of land works/timber farming is every second or third year there’s a profit of just a little bit to avoid triggering and audit
Posted on 8/24/26 at 3:11 pm to Rize
I knew of a guy that owned a handful of oil wells (<1bbl/d). Used that "business" to write off a bunch of outdoor equipment.
Posted on 8/24/26 at 3:31 pm to CheesyF
quote:
I knew of a guy that owned a handful of oil wells (<1bbl/d). Used that "business" to write off a bunch of outdoor equipment.
Fresh out of oil wells
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