This is a very loose question to anyone who has done federal taxes for a nursury/farm based business.
Most of my tax liability is for things that will have no return for years. How do you write off these liabilities? Do it as years of loss to lower liability in profitable years? How many years can stack before those liabilities are just losses.
The situation is that I’m grafing trees together and plan to sell them as mature healed trees. Of course that takes years from the rootstock to product.
Definitely a great question. I look forward to seeing the answers.
every state is different. id go to a tax accountant. they will tell you the gist of it.
Agreed.
@disc4tw, do you have anything you have already discovered in your process of creating your slice of heaven?
I guess you would treat it the same way you do if you planted corn. Like just like if you planted alfalfa, in Kansas at least you don’t get taxed any different from planting one or a hundred acres of alfalfa and they would be counted as farm use, and only get taxed on what stuff you sell, with the seed as agricultural use.