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To: Aliska

I don’t currently farm but hope to do so in the future.

I want to trade my desk for a tractor. ;-)


16 posted on 04/13/2011 4:55:34 AM PDT by TSgt (Colonel Allen West & Michele Bachman - 2012 POTUS Dream Team Ticket!)
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To: TSgt
I wish you the best of luck if you have your heart set on it, hard to break into cold. If I weren't getting old, I might be doing the same. Women now sometimes do that now unlike our grandparents.

My son wanted to farm it for me, but I said no, there is a steep learning curve, not in driving the tractor but buying them, maintenance and knowhow with the rest of it.

There are tax incentives and programs for new farmers though. I didn't read thru it because it didn't apply. May be investment credit on the tractor and machinery, too, plus accelerated depreciation which can get very complex.

Download the Farmer's Tax Guide, pub 225. Recommend the following link, too. Income Tax Management for Farmers 2010.

http://www.agecon.purdue.edu/extension/pubs/taxplan2010.pdf

17 posted on 04/13/2011 4:51:18 PM PDT by Aliska
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