kl9
5 year old buck +
Assuming you own the land you rent out, can you claim material participation in the farming activity if you are responsible for things like mowing field edges and some misc spraying activities. This would allow you to deduct all expenses from your total income, not just your passive income. Thoughts anyone?
From what I've read you would have to do this for a total of 100 hours per tax year.
From what I've read you would have to do this for a total of 100 hours per tax year.