Welcome Guest. Register Now!  

Itemized Deductions Schedule-A

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-06-2015, 10:19 PM
Junior Member
Join Date: Jan 2015
Posts: 1
New orchard this year...

My wife and I started an orchard this year on our property. It will be 10 years or so before the trees produce enough to sell for profit. The trees are planted on our land and so far we have about $15k in total expenses. We both work full time jobs and have 3 kids, one in college. In the past I have always done our taxes with turbotax but am confused about what to do with these new business expenses. I sat with two different local CPAs and received two completely different answers. The first said save all receipts and dont deduct any expenes until we start to sell. The other said all expenses incurred this year should be applied this year.

We want to make sure we dont miss an opportunity to claim expenses but also want to follow the law. We sent the IRS this question 2 months ago and have received 2 respones saying our question is difficult and they will need more time to answer.

Not only do we have the expense of the trees, mats, stakes ect... But we have purchased equipment. A tractor, a front end loader, bush hog and more.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
I need help balancing a small business loss this year and using it in a future positive years so I can qualify for a house this year ryaah2000 Limited Liability Company 3 02-11-2014 06:42 AM
I owe money on my income taxes from last year. Can I still get a tax refund this year? patriciaowens86 For 2013 1 07-01-2013 04:47 PM
Must you claim loss in current year or can you take in future year? dapert Rental Real-Estate 1 03-27-2011 12:18 PM
Can a couple divorced during the tax year, file joint tax returns for the year? TaxGuru Divorce Tax Issues 0 09-29-2009 08:32 PM
Can you suggest year end strategies for reducing year end self employment income? awkan Sole-Proprietorship 1 02-08-2007 11:59 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning