If you own rural property and have a love for farm activities, you can benefit by turning a hobby farm into a business.
For example, you can deduct the expenses from your yearly income tax report and see sizable returns as a result.
Most farmers understand that even large farms have trouble showing a profit, so the smaller your farm the more likely your expenses will outweigh any income you receive…
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If you consistently fail to show a profit on any business, the IRS will declare it a hobby and disallow all deductions.
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Not a clue. The IRS never clarified. You would have to research this for yourself.
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Actually, it’s a giant tax write off because, unfortunately, it’s a giant real loss.
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