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Tax Deductions when buying farmland
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pointrow
Posted
12/16/2009 08:30 (#969220 - in reply to #968665)
Subject:
RE: Tax Deductions when buying farmland
Central Il Morton
Get a different tax preparer! This one doesn't understand farming. Last property I bought we depreciated $600.per A. which was about 25%
Not sure about section 179, need Jake to chime in.
Good Luck
pointrow
Tax Deductions when buying farmland
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greenandyellow
: 12/15/2009 22:19
Re: Tax Deductions when buying farmland
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paul the original
: 12/15/2009 23:40
RE: Tax Deductions when buying farmland
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fieldman
: 12/16/2009 07:00
RE: Tax Deductions when buying farmland
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Dave NWIL
: 12/16/2009 07:45
RE: Tax Deductions when buying farmland
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Dave NWIL
: 12/16/2009 07:48
RE: Tax Deductions when buying farmland
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pointrow
: 12/16/2009 08:30
RE: Tax Deductions when buying farmland
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jimih
: 12/16/2009 10:16
Those are non-depr land improvements---but maintenance of them is deductible
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jakescia
: 12/16/2009 12:26
"This is definitely a gray area of tax law."---- Says who?
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jakescia
: 12/16/2009 10:18
My error----not a Rev Proc, but Regulation 1.48-1 defines tangible property.........
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jakescia
: 12/16/2009 12:29
RE: have a question Jake,,
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95h
: 12/17/2009 11:49
Tax Code has to be written to cover a lot of situations---not all "bins" are round and conical.....
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jakescia
: 12/18/2009 18:46
RE: Tax Deductions when buying farmland
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z28_zeppelin
: 12/16/2009 10:45
Re: Tax Deductions when buying farmland
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tc22
: 12/16/2009 10:46
Re: Tax Deductions when buying farmland
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greenandyellow
: 12/16/2009 10:59
Re: Tax Deductions when buying farmland
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z28_zeppelin
: 12/16/2009 11:34
As said before, you need tax person..........
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jakescia
: 12/16/2009 12:43
RE: As said before, you need tax person..........
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Rod!
: 12/17/2009 20:51
If you think about it, email that data/reference to me---need to put that in my "trick" bag!!
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jakescia
: 12/18/2009 09:55
Re: Tax Deductions when buying farmland
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barrybro
: 12/16/2009 11:04
Re: Tax Deductions when buying farmland
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ILGuyInIA
: 12/16/2009 11:17
Re: Tax Deductions when buying farmland
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z28_zeppelin
: 12/16/2009 11:37
Perfectly legit to include land later---if not used for business, and contigous to residence.......
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jakescia
: 12/16/2009 12:25
RE: Perfectly legit to include land later---if not used for business, and contigous to residence....
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z28_zeppelin
: 12/16/2009 14:06
Referring to land.........taxpayers trying to attach farmland to house, and report as 121 property..
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jakescia
: 12/16/2009 14:32
RE: Referring to land.........taxpayers trying to attach farmland to house, and report as 121 proper
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z28_zeppelin
: 12/16/2009 15:06
"Nonqualifed use pre Jan 09 works"--- what's that??
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jakescia
: 12/16/2009 16:42
RE: "Nonqualifed use pre Jan 09 works"--- what's that??
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z28_zeppelin
: 12/16/2009 21:03
Your knowledge and experience obviously trumps mine....however, I will continue to follow Tax Court.
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jakescia
: 12/17/2009 15:18
Seller might have / want some input......
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sbark
: 12/16/2009 22:04
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Tax Deductions when buying farmland
