I don't really know if these things differ state to state or what not but here we go.
lets say I started a small exc business and had lets say a 15K Skid steer and a 20K mini exc and a 10K gn dump trailer and marketed lot clearing brush removal trech/ ditch digging and such pretty much any thing and everything I would be able to do with those 3 things and a truck and say my truck was worth 12K
how would taxes work for them? I know at one point I talked with my tax lady about claiming farm use on my draft horses I have because I use them to do all my field work but bale the hay. and I was told I had 3 years to claim a loss and if I couldn't prove I made a profit in those 3 years I would get the hobby farm card.
So is it the same thing with this? I have 3 years to provide a profit? I don't know how anyone could make it 6 months with out profit because of bills.
I all ready own a dump trailer and truck because of my horses My dad has a skid steer I could use for the time being the thing I would only need to buy up front is a mini exc. I just don't know for tax reasons what would work out best for me. I also don't know what items I can write off as an expense. all hoses wear and tear items oil and such.
I will be totally honest I prolly won't be starting any time soon but I know from past experienced when I was looking in to things it was small things that bit me in the butt and put the halt to my plan or idea.
lets say I started a small exc business and had lets say a 15K Skid steer and a 20K mini exc and a 10K gn dump trailer and marketed lot clearing brush removal trech/ ditch digging and such pretty much any thing and everything I would be able to do with those 3 things and a truck and say my truck was worth 12K
how would taxes work for them? I know at one point I talked with my tax lady about claiming farm use on my draft horses I have because I use them to do all my field work but bale the hay. and I was told I had 3 years to claim a loss and if I couldn't prove I made a profit in those 3 years I would get the hobby farm card.
So is it the same thing with this? I have 3 years to provide a profit? I don't know how anyone could make it 6 months with out profit because of bills.
I all ready own a dump trailer and truck because of my horses My dad has a skid steer I could use for the time being the thing I would only need to buy up front is a mini exc. I just don't know for tax reasons what would work out best for me. I also don't know what items I can write off as an expense. all hoses wear and tear items oil and such.
I will be totally honest I prolly won't be starting any time soon but I know from past experienced when I was looking in to things it was small things that bit me in the butt and put the halt to my plan or idea.
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