SE MN | Farm4 - 8/25/2011 19:38
could we buy five feeder calves and show expenses and income? Any help would be appreciated. My FSA guy said if you were filing schedule F income from a feeder cattle operation, you would need to be borrowing the money to only finance a feeder cattle operation, if one had been filing schedule F income from a cash crop operation, they would borrow you money to only finance tillable crop land. The guy also said you would would have to have been farming an amount similar to or more than what you were buying. For example, if you had been renting 10 tillable acres of cropland the last 3 years, you would not be allowed to buy 80 acres of cropland using their loans, but you probably could purchase that amount if you had been farming 80 acres the last three years.
One really needs to talk to them to find out all the details.
Edited by Crossflow 8/25/2011 23:22
|
Buying Land - E Central IL
