Tax Guide for Farmers – Basis of Assets, Part 2: Allocating Basis

The Internal Revenue Code provides the laws used in calculating the income and expenses reported when filing federal income tax returns. The Code and supporting court decisions based on the Code are thorough in covering tax situations for individuals and businesses, including how to complete your taxes if you own a farm or run a farming business.

The last article focused on Cost Basis in determining the basis of assets. The focus of this article is Allocating Basis and Capitalization.

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Tax Guide for Farmers – Basis of Assets, Part 1: Cost Basis

The Internal Revenue Code contains the laws used to determine how income and expenses are reported when filing federal income taxes. The Code and supporting court decisions are comprehensive in covering tax situations for individuals and businesses, including how to complete your taxes if you own a farm or run a farming business.

The Code publications on farming include sections on the basis of assets, which is the focus of this article.

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Tax Guide for Farmers – Soil and Water Conservation Expenses, Part 3

The Internal Revenue Code is made up of the laws that guide preparation and filing of federal income taxes. The Code includes sections on a wide variety of topics, some of which pertain to the business of farming and the related income and expenses.

The section of the Code includes laws for how to report expenses related to soil and water conservation. This is the third in a series of articles focused on soil and water conservation expenses. The previous articles are available here: Part 1 and Part 2.

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Tax Guide for Farmers – Soil and Water Conservation Expenses, Part 2

The Internal Revenue Code is made up of the laws that guide preparation and filing of federal income taxes. The Code includes sections on a wide variety of topics, some of which pertain to the business of farming and the related income and expenses.

The section of the Code includes laws for how to report expenses related to soil and water conservation. This is the second in a series of articles focused on soil and water conservation expenses. The previous articles is available here.

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Tax Guide for Farmers – Soil and Water Conservation Expenses, Part 1

The Internal Revenue Code is made up of the laws that guide preparation and filing of federal income taxes. The Code includes sections on a wide variety of topics, some of which pertain to the business of farming and the related income and expenses.

The section of the Code includes laws for how to report expenses related to soil and water conservation. Soil and water conservation expenses are the focus of this article.

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Tax Guide for Farmers – Not-for-Profit Farming

The Internal Revenue Code contains the laws that govern federal income tax reporting. The Code includes a section of requirements for farming businesses and the related income and expenses.

The section of the Code includes requirements for how to report income taxes for not-profit farming business. Not-for-profit farming businesses are the focus of this article.

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Tax Guide for Farmers – Nondeductible Expenses

The Internal Revenue Code contains laws that govern reporting of federal income tax. The Code includes a section of laws on farm business expenses.

This section of the Code not only specifies farming expenses that may be deducted and that must be capitalized, but also expenses that are nondeductible. The focus of this article is on nondeductible expenses for those with a farming business.

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Tax Guide for Farmers – Deductible Expenses, Part 11 – Items Purchased for Resale

The Internal Revenue Code provides the laws that govern the reporting of federal income tax. For those with a farming business, the code includes sections on farming-related income and expenses. One such section, which is the subject of this article, includes travel expenses related to farming businesses.

This article is the tenth in a series on deductible business expenses associated with a farming business. The previous articles on deductible expenses covered Prepaid Farm Supplies, Prepaid Livestock Feed, Hired Labor, Interest, Taxes, Insurance, Rent and Leasing, Business Use of Your Home, Truck and Car Expenses, Travel Expenses. Continue reading