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Real Estate
Reply to "What does it cost to maintain a hobby farm?"
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[quote=Anonymous][quote=Anonymous]Can't all this stuff just be written off on taxes anyway?[/quote] It’s not as simple as that. Everywhere has different requirements. Where my relative lives to be considered agricultural land you need at least 5 acres AND to sell at least $1,000 a year. Yes that’s one thousand dollars. Their property taxes are super low because it’s taxed as agriculture not residential. You don’t even need to bother writing anything off. Many people with these small hobby farms rent out one or two acres to grow hay to a farmer who has all their own equipment and takes care of everything thus satisfying the requirements. Often they have a barn and a couple horses. An easy way to get some flexibility in your schedule is to let someone else board their horse in your barn in exchange for taking care of your horses. [/quote]
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