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Hobby Farmer - Tax Benefits

badgehayes · 2010-03-23 10:32:31

Hi All, Just a quick query, I have been made aware of ways to reduce your tax liability by setting up a farm business report losses and then claim back your income tax, I’ve heard the farm can make losses for 3 years but on the 4th year it must turn a profit. I am just wondering if the above is true. If so can you claim…

23-03-2010 11:32am

#1

badgehayes

Closed Accounts Posts: 3 ✭

Join Date: February 2010

Posts: 1

Hi All,

Just a quick query, I have been made aware of ways to reduce your tax liability by setting up a farm business report losses and then claim back your income tax, I’ve heard the farm can make losses for 3 years but on the 4th year it must turn a profit. I am just wondering if the above is true. If so can you claim previous year’s income tax to go against acquisitions of land? I assume there has to conditions to all of the above, is there anywhere where I might get all the information I need in regards what you can and cannot do in regards setting up a farm business.

Thank you for any help in advance.

0

Comments

#2 23-03-2010 11:02pm

TaxingTimes

Registered Users, Registered Users 2 Posts: 145 ✭✭

Join Date: August 2009

Posts: 145

Farming is a specialist area of taxation, and I suggest that you get advice from someone who specialises in these matters.

0
#3 24-03-2010 12:44am

Mr. Incognito

Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭

Join Date: March 2007

Posts: 9552

Oh dear.

Read the charter please.

Strike one.

Thread closed.

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This discussion has been closed.