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.
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We have some good news to share in the world of consumer food! Check out the article below for a couple of exciting headlines from this week.
While this adjustment is substantial in percentage terms, according to David Widmar with Agricultural Economic Insights—it is part of the natural ebb and flow of the agricultural economy.
Thursday, 10/5/23 – 10 PM ET | 9 PM CT | 8 PM MT | 7 PM PT
