Buying an acreage: Property tax issues

Listen to this extended radio story about property tax issues. (MP3 download)

Taxes are no fun for anyone, but for acreage owners, they can be a real headache. If your property qualifies as agricultural, you can get some favorable tax treatment, but you've also got to keep very careful records. Since tax laws vary from state to state, it's probably a good idea to consult with a tax professional. In this episode of the Living the Country Life radio program, an expert shares questions to ask your accountant as you prepare for tax time.

Radio interview source: Roger McEowan, director, Center for Agricultural Law and Taxation

For more information, we recommend the following Web sites:

Internal Revenue Service: The IRS offers a number of downloadable forms and tax-related publications for farmers, including farm rental income, timber sales, and depreciating property.

Plan ahead for tax-time paybacks: A farm tax specialist shares tax tips for farmers and owners of agricultural land with our sister site, Agriculture Online.

American Cowman: The IRS might argue that if you've got a full-time day job, you aren't raising your livestock as part of a farm business, and aren't allowed to deduct expenses. Here's how to make sure you get the business classification and get your deductions.