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Old 09-16-2008, 01:47 PM
 
Location: Arcadia, OK
3 posts, read 26,791 times
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How many acres do you need to qualify for IRS farm status?
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Old 09-16-2008, 02:49 PM
 
Location: Forests of Maine
31,311 posts, read 50,639,514 times
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Quote:
Originally Posted by Barking Dog Farm View Post
How many acres do you need to qualify for IRS farm status?
I first filed a schedule 'F' when I had two beehives, living in Norwich Ct, on 1/4 acre.

There is no minimum land requirement.
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Old 09-16-2008, 05:17 PM
 
24,839 posts, read 33,062,157 times
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Many farmers own no land. The lease is a deduction.
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Old 09-17-2008, 10:01 AM
 
Location: Arcadia, OK
3 posts, read 26,791 times
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Thanks for the info. Enjoy reading these posts re: farming, etc. Building a house in Arcadia, OK on 10 acres. Always need helpful info!
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Old 01-10-2009, 05:47 PM
 
Location: Forests of Maine
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A chicken coop makes a good Schedule 'F' too.
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Old 01-10-2009, 08:25 PM
 
Location: Virginia (soon Ellsworth)
653 posts, read 1,729,287 times
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I been told by the accountant, it is how much land you have to qualify for IRS farm status you must provide prove of income earn from the farm and must be show a profitable some things like 2 out of 5 years ??.
Correct me if I wrong.


Quote:
Originally Posted by Barking Dog Farm View Post
How many acres do you need to qualify for IRS farm status?
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Old 01-10-2009, 08:28 PM
 
Location: Forests of Maine
31,311 posts, read 50,639,514 times
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Quote:
Originally Posted by boonelsewhere View Post
I been told by the accountant, it is how much land you have to qualify for IRS farm status you must provide prove of income earn from the farm and must be show a profitable some things like 2 out of 5 years ??.
Correct me if I wrong.
Years ago that was correct, Years ago.

Now you MUST demonstrate that you have the intent of profiting in the future.

Actually showing a profit is a good way to do this, but it is no longer required.
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Old 01-10-2009, 08:49 PM
 
Location: Virginia (soon Ellsworth)
653 posts, read 1,729,287 times
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thanks forest, good to know that.

Now do you have to register with any goverrment agency that you are a farmer or set up a company that farming for business.

Quote:
Originally Posted by forest beekeeper View Post
Years ago that was correct, Years ago.

Now you MUST demonstrate that you have the intent of profiting in the future.

Actually showing a profit is a good way to do this, but it is no longer required.
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Old 01-10-2009, 09:22 PM
 
Location: Forests of Maine
31,311 posts, read 50,639,514 times
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Quote:
Originally Posted by boonelsewhere View Post
thanks forest, good to know that.

Now do you have to register with any goverrment agency that you are a farmer or set up a company that farming for business.
I have filed a schedule 'F' many times.

I have sold produce from our house, and I have sold at a Farmer's Market.

Thus far I have not 'registered' with anyone.

I have been audited by the IRS. But those were not bad.
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Old 01-11-2009, 08:59 AM
 
Location: Virginia (soon Ellsworth)
653 posts, read 1,729,287 times
Reputation: 327
thanks, i have to figure out how to generate income from the land. may be pick your own wild Maine blueberry or cut your own wood for fire wood, if that bring in $100-200 a year i will be happy to do that.

Quote:
Originally Posted by forest beekeeper View Post
I have filed a schedule 'F' many times.

I have sold produce from our house, and I have sold at a Farmer's Market.

Thus far I have not 'registered' with anyone.

I have been audited by the IRS. But those were not bad.
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