dcyrilc
Elite Member
Well if you get a tax write off on your losses, obviously YOU are getting a government subsidy!
Don't forget, the government pays for the roads you haul your cattle to the stockyards on, and your feed from the store to the farm, so that's even more government subsidies you get.
See how it works for these "anti big oil" outfits?
Ken
Just runnig a farm gets you a fairly good deduction. I'm not sure quite how it works as it's done by the tax software, but if I remove the farm my tax base is quite a bit higher. Much more than just the minor loss caused by the farm.
I actually did faily good this year in that I had $7K in deductions for repairs on the barn, equipment, and equipment depreciation and only had a $3K loss on the farm. The cattle on their own actually turned a profit. That will cause me to suffer for the next few years though because I reduced my herd from 14 to 5 head to cut off major economic woes due to a reduced income and increased personal expenses this winter. Even so, it's all good.:thumbsup: