Farmers may now be allowed to deduct excess soil fertility when purchasing or inheriting farm property. However, there is currently little guidance on this deduction from the IRS.
Agriculture accounting expert and CPA Paul Neifer joins us for some guidance Thursday on RFD-TV’s Market Day Report. He explains the details of the potential deduction, whether this is an immediate deduction, and if there is any variability if the farmer pruchased the land in question.
For more of Paul’s farming finance advice, visit FarmCPAReport.com.
