Solved: What if we bought land in 2016 as a farm

What if we bought land in 2016 as a farm

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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.

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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.