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in the business of farming?
How Clients Realize Value
Clients can use these farmland tax deductions to offset current and future farm income, generate tax refunds and balance inheritance tax, or offset non-farm related income depending on how they own their agricultural land. Boa Safra delivers its reports to clients to enable them and their CPAs to identify how to optimize their individual situations and take advantage of lesser-known agricultural tax breaks.
The client can file the report in a variety of ways largely depending on when the property was purchased.
1. Land Purchased
Purchasers of new land share the Boa Safra report with their tax preparers for filing year-end taxes. This allows landowners to take the farmland tax deduction over a variety of timeframes (ranging from as little as one year to numerous years).
2. Land Purchased
Within The Last Three
If the land was purchased within the last three tax years, landowners use the Boa Safra report by filing an amended return. Landowners can also explore tax refunds when filing amended returns in addition to deductions.
3. Land Purchased
Prior To Three Tax Years Ago but After Jan 1, 1960
For this timeframe of prior purchases, landowners can file a Form 3115 which allows them to correct an incorrect accounting method used on prior returns. This allows landowners to take the built-up farmland tax deduction in the year that Form 3115 is filed.
Stay up to date on an array of tax issues by Paul Neiffer, CPA.
Visit Farm CPA Report for invaluable insights on farm taxation and business strategies. Led by Paul Neiffer, a seasoned tax professional in the agribusiness realm, this resource offers a wealth of information tailored to farmers and investors.
DISCLOSURE: The content represented on this website is for informational purposes only. Boa Safra Ag makes no representations regarding the income tax implications or other use of Soil Fertility Load Analysis information and does not provide legal or accounting advice. Consultation with a tax and/or financial advisor is required.
Boa Safra Ag was founded by a team of Midwestern ag professionals to assist landowners in evaluating the presence and value of farmland soil fertility. Leveraging our extensive agricultural expertise, we help landowners maximize the value of an IRS section 180 deduction related to recently acquired farmland.
Our world class team of agronomists uses advanced technology and partners with industry-leading soil sampling and analysis organizations.
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