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Tax Deductions when buying farmland
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z28_zeppelin
Posted 12/16/2009 21:03 (#970468 - in reply to #969947)
Subject: RE: "Nonqualifed use pre Jan 09 works"--- what's that??


Nonqualified use is defined by the Housing and Economic Recovery Act of 2008 as a period in which property isn't used as a principal residence. It is what the allocation is based for gain exclusion when you do not meet the business test in Pub 523. The Pub you just completely disregarded.

Furthermore, I don't care if you have gotten away as calling a house and 360 acres entirely as a personal residence or not in TC. Acreage matters to me until you puch that through the magnificent 9 or my circuit. I might buy a house and 5 acres or a house and 20 acres just for a home, but at some point in time, the purchase of additional acreage with a house becomes investment property. You are on borrowed time until its contested again by the right people.


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