Buck Hollow Sporting Goods - click or touch to visit their website Midwest Habitat Company

Tax Moneys...

Scott said:
Actually crp is the one thing that allows you to be a "farmer" and file schedule f. Crp is clearly identified as meeting criteria to file as a farm.
Click to expand...
This is big news to me. So, my example of a 100 acre farm with 10 acres of CRP would get all the tax advantages of a large Ag farm...what a deal. You could save just as much on your taxes as you earn on your CRP. Almost doesn't seem right.:D
 
Thinkin Rut said:
This is big news to me. So, my example of a 100 acre farm with 10 acres of CRP would get all the tax advantages of a large Ag farm...what a deal. You could save just as much on your taxes as you earn on your CRP. Almost doesn't seem right.:D
Click to expand...

Not exactly, you can only deduct what you use on that portion of farm with crp.
 
risto2351 said:
Has anyone filed using this cost share exclusion?

I don't know if I will get a return this year or not.
If I do I will put it towards my truck.
Click to expand...

Question for those who have had cost share. Let's assume cost share pays some portion less than 100%, so your expense exceeds the cost share received. If you exclude the cost share do you deduct the expenses that exceed the cost share amount? Or why not just report the cost share income but deduct all the actual expenses?
 
You must log in or register to reply here.
Top Bottom