KimonoSerenity
Fri Oct 18 2024
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5 answers
978
Can a hobby farm be a tax write-off?
I'm wondering if it's possible to use my hobby farm as a tax write-off. I enjoy farming as a hobby, but I'm curious if there's any way I can get some tax benefits from it.
CosmicWave
Wed Sep 25 2024
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7 answers
1344
Does the IRS consider my farming operation a hobby farm?
Could you please clarify, for tax purposes, if the Internal Revenue Service (IRS) views my farming operation as a hobby farm or a full-fledged business venture? I'm concerned about the tax implications and want to ensure I'm accurately reporting my income and expenses. Is there a specific criteria or guidelines the IRS uses to determine the classification? It's crucial for me to understand this distinction to avoid any misunderstandings or potential penalties.
