What if we bought land in 2016 as a farm

posted

Connect with an expert

1 Best answer

Accepted Solutions

What if we bought land in 2016 as a farm

Land does not make a farm. What makes a farm business is net profit. You must have intent to profit and have a reasonable potential to do so or the IRS will claim you have a hobby.

View solution in original post

1 Reply

What if we bought land in 2016 as a farm

Land does not make a farm. What makes a farm business is net profit. You must have intent to profit and have a reasonable potential to do so or the IRS will claim you have a hobby.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post