I own a farm in my name (not business). I want to do some farm improvements - dam/ Building shed, fencing etc., I read somewhere that, the money spent on the farm, tax deductible from my personal income. Can you please provide me the details/conditions? I am not financial savvy, Can you please explain assuming that I got a job with annual income of 150K.
A farm is an area of land that is used to grow crops or rear animals. If you do neither of those then it is not a farm. If it is not a business then the building improvements would be a private expense. i.e not deductible. It would only be tax deductible off your other income of 150K if you made a loss on your farm business (if you had one) and your farm activity gross income was more than $20,000.
22 Apr 2024 · 6 min read time
15 Apr 2026 · 5 min read time
15 Apr 2026 · 4 min read time
1,711 views
1 replies