If you're filing a schedule F, you can deduct the property tax on the farmland (or income-generating forest land) on the schedule F. No limit there. The $10,000 limit only applies to itemized taxes on schedule A. Not business taxes on schedules F or C.
I doubt if the winch would hold up. Those atv winches are made just to pull ones self out of a mud hole or to lift a blade that is mounted on the front. If you read the manuals, they are meant to be used like a starter on a motor; that is, used for only short spurts. I know of one fellow who did not believe this and burnt out 2 of them trying to use them for skidding logs. So beware.
Holy smokes, I certainly hope you are right!! I am not in ANY way suggesting you are not, I don't know, but that would be a load off my shoulders if that is the case. I do indeed file a Schedule F and have since 2008.
Your welcome, sadly this video has a poor quality. Maybe you wanna share? So we can convience mainemtnman to get a new family pet he seems to have the use for it and some decent space.
Check with a local CPA to be sure, but if you're generating schedule F income off a given parcel of ground, then the taxes on that parcel should be deductible on schedule F. And the $10K limit does not apply to schedule F.
I knew they always were, but I had heard that it changed with the new tax laws just enacted. (Like just before Christmas)
That change applies to schedule A only, not schedule F. Schedule F has it's own nightmare of changes that you probably should study up on when the dust finally settles, but for right now it's such a mess that there's a push for a corrections bill to straighten it out. What it will end up being probably won't really be finalized until this fall.
That is well worth the price of admission! Awesome job chiming in! While we own property in current use, it won't rise to the level needing the schedule F for us but the farmer that leases that portion may benefit. I'm tickled that you could share something that may have direct benefit for the membership. I hope LodgedTree can take advantage of it. Made my Monday.
Actually, if anyone is filing schedule F, then they should be putting the property taxes (from the property generating sch F income) on schedule F anyway. If you're putting business property taxes on schedule A, then you're still paying self-employment income on that money. The only way to deduct it completely is to deduct it on schedule F or C, where it belongs.
I was cutting some maples out this morning and was warm and comfortable. Then when I hauled them to the field Brrrr! I love cutting in the swamp in winter. No wonder the deer hang out there
Just so we are all on the same page; I have always deducted my property taxes on my Schedule F. I was just under the impression that a person could not do that anymore...only up to $10,000...with the new tax laws just passed a few weeks ago. This would be my 2018 taxes. I hope that is not the case; and it does not seem to be.
Atlantic White Cedar -fresh water wetlands, usually within 20 miles of the Atlantic Ocean , Chamaecyparis thyoides Northern White Cedar, Eastern White Cedar, arborvitae, Thuja occidentalis - not found in Massachusetts although plenty are planted here as wind breaks. The leaves on Eastern white cedar are about twice the size of Atlantic White Cedar and a lighter green.
