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MN | Good point Greg. The 'hobby farm law' does state that you generally need to show a profit in 3 out of 5 years. But the onerous I believe is on the IRS to show that you are not engaged in a business 'for profit.' Also, I believe that even if you don't show a required profit in the 3 out of 5 years you can still 'prove' that your intention is to make a profit.
My point was aimed at initially building your herd in say years 1, 2, 3 with some tax advantaged money. Then in subsequent years could show profit with the hope of eventual having enough 'profit' to live and and quit job off the farm. | |
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Time to do some thinking
