Tax Question on Stewardship
dianaros at vianet.on.ca
Thu Jan 29 23:15:37 EST 1998
You do not say where you are.
In Ontario, managed forest is considered a farm for tax purposes. Reasonable
expense for equipment, fuel etc can be claimed for tax purposes. I note that
the claim may be subject to scrutiny.
Rural land is often claimed to be productive and used for claims for tax
It is moot wether the claimants come out ahead. My personal observation is
that the economic gain, if any, is marginal for many claimants.
Laura White wrote in message <6anm3p$u68$1 at lynx.unm.edu>...
>A couple of years ago I purchased a cow pasture (33 acres) as an
>investment. At the time I was thinking I would hold the land and work
>with it later after retirement, maybe build a house. Then I really
>started getting into it. Now handtools, trailer, truck, chainsaw,
>etc later I wondering if there is a way for me to deduct my annual
>expenses for stewardship.
>I am not making any money on this land, so it is not a business. So
>far I am cutting overgrowth and prunning the remaining trees. This
>year I will plant 100 trees. My goal is forrest stewardship and not
>tree farming. Any advice?
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