September, 2011

  • Canadian Farmers Vote to Keep Monopoly!

    Canadian wheat and barley farmers have a unique way of marketing their grain.  Unlike the US where each farmer can determine their price each day by calling the elevator, the local ethanol plant and looking it up on the Internet, Canadian farmers belong to the Canadian Wheat Board which is a monopoly for these farmers. […]

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  • Land Is Not Deductible!

    We had a reader ask the following question: “Can I or my s-corp deduct the purchase of farmland as a business expense?” The general answer to this question is no; you cannot deduct the cost of farmland as a business expense.  However, you must review your purchase to determine if, in fact, you only purchased […]

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  • Watch For A State Capital Gains Deduction for Sale of Farm Assets

    We had a reader ask the following question: “Does Iowa have a reduced capital gains tax rate on sale of farm land held for 15 years?” If certain qualifications are met such as holding the farmland or assets for at least 10 years and material participation in the farm (can not cash rent the land), Iowa […]

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  • Less Than Four Months to Get New Farm Buildings Finished

    Farmers who are in the process of constructing new farm buildings or are thinking about it now have less than four months to go if they want to take advantage of 100% bonus depreciation and deduct all of the cost on their 2011 tax return. Remember, there is no loss limitations on this deduction unlike […]

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