Solved
Deduction/Credit
Can I deduct or get credit for monies spent for a conservation project that was needed due to flooding. Permits were approved by DEP, etc.
The deduction for conservation expenses cannot be more than 25% of your gross income from farming. See 25% Limit on Deduction, later. Although some expenses are not deductible as soil and water conservation expenses, they may be deductible as ordinary and necessary farm expenses.
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