How many show a profit on their Schedule F ?: Farming Ranching Agriculture  -- General Tractor Discussion Forum and Review How many show a profit on their Schedule F ?: Farming Ranching Agriculture -- General Tractor Discussion Forum

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 06-01-2003, 18:00 Post: 56171
Chief



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 How many show a profit on their Schedule F ?

When filing their income tax return. I always seem to come up with more dedection and depreciation than income. I have been told by others that eventually the IRS expects you to show a profit and not just show a loss every year? Anymore it seems like you are lucky just to break even? Any comments or suggestions appreciated.






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 06-01-2003, 19:44 Post: 56182
plots1

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 How many show a profit on their Schedule F ?

You have up to 5 years to claim total loss. then i think they start looking a little closer. As long as you are making some sort of income I don't think there is a lot they can do.






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 06-01-2003, 19:46 Post: 56183
plots1

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 How many show a profit on their Schedule F ?

Are you selling tobacco?






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 06-01-2003, 20:05 Post: 56186
Chief



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 How many show a profit on their Schedule F ?

Right now I am leasing the tobacco allotment out.






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 06-02-2003, 04:54 Post: 56229
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 How many show a profit on their Schedule F ?

Chief, according to my advisors Plots is right as a general answer but if you have your proofs for loss this should not interefere with your CPA getting your schedules done accureately. They real key is to use a VERY reliable firm if you are going to post losses for a number of consecutive years as that at least in theory slows audits.






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Discussion Boards > Active Subjects > Messages as Posted > Farming Ranching Agriculture Forum

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