Bought a 25 acres farm land in MD at the middle of 2013 and planning to use it as a orchard farm. Both of me and my husband have jobs in other field, but we did spent lots of time and expenses on the land/farm. We spent about 10k on the fruit trees and seeds, we also spent another 10k on the well and machinery and fertilizer last year. Our question is since we don't get any income from the land yet, can we claim the expenses on the cost we spend on the seeds and fruit trees and other supplies for the farm? Also is Mortgage interest on the land deductible? How about property tax? The land does not have a house yet, it is just a farm land. We did build a green house there, not sure whether the cost of green house can be deducted? Also, the TurboTax is not working properly whil I do the farming section, once I input a farm name, the info can not be found, but the expenses I input is showing in the 2013 column, I have no where to delete it and re input the info.... please help. Thanks a bunch!
Any info or answer will be greatly appreciated!
