tax tips 2007?

Question

We live on 50 acres. My husband bought a Tractor to keep up the land and we were told that we could claim that expense on our taxes?? Any help appreciated.

Answer 1

Do you farm the land or cut timber from it for income? If the land is income-producing property then its maintenance would be an expense of producing that income.

If it is not income producing property then you have no tax deduction.

Answer 2

here is a tax tip, go to irs.gov or call 800 829-1040 and as for publications in the area of interest, guy above is right about your question. Start selling veggies you raise and tractor becomes bus exzpense.