Forums36
Topics40,899
Posts557,082
Members18,451
|
Most Online3,612 Jan 10th, 2023
|
|
8 members (homewardbound, Justin W, Sunil, DenaTroyer, Freg, Donatello, jludwig, catscratch),
756
guests, and
207
robots. |
Key:
Admin,
Global Mod,
Mod
|
|
|
Joined: May 2012
Posts: 1,678 Likes: 2
Hall of Fame
|
OP
Hall of Fame
Joined: May 2012
Posts: 1,678 Likes: 2 |
Anybody know if you can write off new pond on your taxes?
If you ain't gonna fart, why eat the beans? . RES,HBG,YP,HSB,SMB,CC,and FHM. .seasonal trout.
|
|
|
|
Joined: May 2009
Posts: 5,714 Likes: 281
Lunker
|
Lunker
Joined: May 2009
Posts: 5,714 Likes: 281 |
|
|
|
|
Joined: May 2012
Posts: 1,678 Likes: 2
Hall of Fame
|
OP
Hall of Fame
Joined: May 2012
Posts: 1,678 Likes: 2 |
If you ain't gonna fart, why eat the beans? . RES,HBG,YP,HSB,SMB,CC,and FHM. .seasonal trout.
|
|
|
|
Joined: May 2012
Posts: 1,678 Likes: 2
Hall of Fame
|
OP
Hall of Fame
Joined: May 2012
Posts: 1,678 Likes: 2 |
If you ain't gonna fart, why eat the beans? . RES,HBG,YP,HSB,SMB,CC,and FHM. .seasonal trout.
|
|
|
|
Joined: May 2009
Posts: 5,714 Likes: 281
Lunker
|
Lunker
Joined: May 2009
Posts: 5,714 Likes: 281 |
There may be conservation deductions depending on your farming situation.
|
|
|
|
Joined: Mar 2004
Posts: 2,435
Ambassador Hall of Fame 2014 Lunker
|
Ambassador Hall of Fame 2014 Lunker
Joined: Mar 2004
Posts: 2,435 |
Like RAH said, there is a conservation deductions, with a few restrictions: they'll give you a tax deduction if you pledge not to develop your land (you can sell/give to a family member and they can build a house). If you sell before 10 years you have to repay the deduction that you were given. I am not a lawyer and am just passing on what I did about 10 years ago, concerning 33A I had in GA. I took the deduction, and sold w/in 10 years and had to repay taxes...
Just do it...
|
|
|
|
Joined: May 2012
Posts: 1,678 Likes: 2
Hall of Fame
|
OP
Hall of Fame
Joined: May 2012
Posts: 1,678 Likes: 2 |
I wonder if the deduction would be worthwhile. Anybody know how much it is.
If you ain't gonna fart, why eat the beans? . RES,HBG,YP,HSB,SMB,CC,and FHM. .seasonal trout.
|
|
|
|
Joined: Sep 2009
Posts: 3,544
Hall of Fame Lunker
|
Hall of Fame Lunker
Joined: Sep 2009
Posts: 3,544 |
If it was worth it you'd know about it.. And so would everyone else
I believe in catch and release. I catch then release to the grease.. BG. CSBG. LMB. HSB. RES.
|
|
|
|
Joined: May 2012
Posts: 1,678 Likes: 2
Hall of Fame
|
OP
Hall of Fame
Joined: May 2012
Posts: 1,678 Likes: 2 |
If you ain't gonna fart, why eat the beans? . RES,HBG,YP,HSB,SMB,CC,and FHM. .seasonal trout.
|
|
|
|
Joined: Sep 2009
Posts: 3,544
Hall of Fame Lunker
|
Hall of Fame Lunker
Joined: Sep 2009
Posts: 3,544 |
Now if you had a farm or raised fish to sell or used it for irrigation you could prolly find an angle.. But me and you alike are screwed no tax break for us..
I believe in catch and release. I catch then release to the grease.. BG. CSBG. LMB. HSB. RES.
|
|
|
|
Joined: Mar 2004
Posts: 2,435
Ambassador Hall of Fame 2014 Lunker
|
Ambassador Hall of Fame 2014 Lunker
Joined: Mar 2004
Posts: 2,435 |
In my isolated case, I think I saved about 20% per year. I didn't raise any crops or anything like that - I didn't even live there! I think the number of acres you are willing to dedicate is a factor, and it probably has to be your whole property. Again, I'm just talking about my experience...
Just do it...
|
|
|
|
Joined: Jul 2006
Posts: 7,615 Likes: 5
Ambassador Field Correspondent Lunker
|
Ambassador Field Correspondent Lunker
Joined: Jul 2006
Posts: 7,615 Likes: 5 |
If you are a farmer there is a tax deduction for Soil & Water Conservation expenses. These expenses include "the construction, control, and protection of earthen dams (apparently Martian dams do not qualify), watercourses, outlets and ponds." But you must first qualify for the expenses: To qualify you must: 1. Be a farmer. A farm includes raising for sale: livestock, diary, poultry, fish, fruit, plantations, ranches, orchards. NOTE: The IRS defines a fish farm as an area where fish and other marine animals are grown or raised and artificially fed, protected, etc. 2. Your annual conservation expenses cannot exceed 25% of the gross income derived from farming. Therefore if you do not have any gross farm income then you do not receive any deduction for conservation expenses. (Excess conservation expenses can however be carried over to offset future farm gross income). 3. You can only deduct soil and water conservation expenses if they are consistent with a plan approved by the Natural Resources Conservation Service (NRCS) . This does not need to be a site specific plan although a site specific plan certainly does qualify. The plans can also be a NRCS county plan or a comparable state agency plan. If you are merely a pond hobbyist be careful with this deduction. There is an entire set of IRS regulations surrounding farms including what is commonly referred to as Hobby Farm regulations. A free down loadable IRS publication, Publication 225 Farmer's Tax Guide discusses this in greater detail. LEGAL DISCLAIMER: The information provided above is for informational and entertainment purposes only and should not be considered as, nor relied upon as tax advice. Check with your tax preparer or pizza delivery person to see if you meet the criteria for any deduction discussed above. JHAP is not an expert in tax law as it pertains to farms or farm law as it pertains to taxes. The opinions expressed by JHAP are not necessarily those of Pond Boss's management, moderators, advertisers, members or online spiders.
JHAP ~~~~~~~~~~ "My mind is a raging torrent, flooded with rivulets of thought cascading into a waterfall of creative alternatives." ...Hedley Lamarr (that's Hedley not Hedy)
|
|
|
|
Joined: Jan 2006
Posts: 16,026 Likes: 274
Moderator Lunker
|
Moderator Lunker
Joined: Jan 2006
Posts: 16,026 Likes: 274 |
Add 1.9 to good post count.
It's not about the fish. It's about the pond. Take care of the pond and the fish will be fine. PB subscriber since before it was in color.
Without a sense of urgency, Nothing ever gets done.
Boy, if I say "sic em", you'd better look for something to bite. Sam Shelley Rancher and Farmer Muleshoe Texas 1892-1985 RIP
|
|
|
|
Joined: Aug 2011
Posts: 90
|
Joined: Aug 2011
Posts: 90 |
In Georgia, we have a Conservation Use Assessment that bases taxes on the a $/acre value of use based on which basis is used used. In our case we are using timber a assessment and the value is extremely low when compared to fair market value.
When we bought the property last year it was not under the conservation assessment and the taxes were similar to what we pay for our house. After getting into the program the taxes dropped by over 90%.
The downside is that it is a 10 year covenant and if we break it, we have to pay the back taxes at 2x what we saved. If you can do the time, it's a great plan.
-RFL
Last edited by RydforLyf; 01/22/13 10:54 AM.
|
|
|
|
Joined: Jul 2006
Posts: 7,615 Likes: 5
Ambassador Field Correspondent Lunker
|
Ambassador Field Correspondent Lunker
Joined: Jul 2006
Posts: 7,615 Likes: 5 |
Add 1.9 to good post count. Score!!!
JHAP ~~~~~~~~~~ "My mind is a raging torrent, flooded with rivulets of thought cascading into a waterfall of creative alternatives." ...Hedley Lamarr (that's Hedley not Hedy)
|
|
|
|
Joined: Sep 2012
Posts: 721
|
Joined: Sep 2012
Posts: 721 |
Check into things well even for your state. Some states give tax breaks for things like irrigation , fire protection ect... Here is your Missouri fire protection income tax credit. http://www.moga.mo.gov/statutes/c300-399/3200000093.htm
|
|
|
|
Joined: Jan 2006
Posts: 16,026 Likes: 274
Moderator Lunker
|
Moderator Lunker
Joined: Jan 2006
Posts: 16,026 Likes: 274 |
In Texas we get an agriculture exemption if we farm or raise cattle. A new law was enacted a couple of years back that allowed us to switch over to a wildlife exemption from an ag exemption if we had been raising cattle and had the cattle/ag exemption for a minimum of 5 years.
Evidently, a lot of old ranchers were dying and their kids had no interest in going back to the ranch. Thus, the non ag exemption was forcing the sale of property that had been in the family for generations.
I got rid of the cows and started managing for wildlife. I have to do 4 of 7 wildlife activities. Some of them are:
Build bird houses.
Shoot feral dogs and cats
provide food plots
provide watering places
cut down trees like cedar that shade the ground and keep native grasses from growing
Shoot non indigenous wildlife like feral hogs
The property taxes on my 133 acres is about $800 per year. The majority of it is the house and 5 acres around it.
Last edited by Dave Davidson1; 01/22/13 07:05 PM.
It's not about the fish. It's about the pond. Take care of the pond and the fish will be fine. PB subscriber since before it was in color.
Without a sense of urgency, Nothing ever gets done.
Boy, if I say "sic em", you'd better look for something to bite. Sam Shelley Rancher and Farmer Muleshoe Texas 1892-1985 RIP
|
|
|
|
Joined: Sep 2009
Posts: 3,544
Hall of Fame Lunker
|
Hall of Fame Lunker
Joined: Sep 2009
Posts: 3,544 |
Enjoy that tax rate Dave.. My old house was $500/month, this new place is way out in the sticks so its alot cheaper $200-250/month
I believe in catch and release. I catch then release to the grease.. BG. CSBG. LMB. HSB. RES.
|
|
|
|
Joined: Jan 2008
Posts: 8,792 Likes: 68
Chairman, Pond Boss Legacy award; Moderator; field correspondent Lunker
|
Chairman, Pond Boss Legacy award; Moderator; field correspondent Lunker
Joined: Jan 2008
Posts: 8,792 Likes: 68 |
Dave...what bird species do you favor? Not too familiar with Texas species, probably a lot more resident species than we have in NE.
Many men go fishing all of their lives without knowing that it is not fish they are after. ~ Henry David Thoreau
|
|
|
|
Joined: Sep 2012
Posts: 294
|
Joined: Sep 2012
Posts: 294 |
Dave I really need to move to Texas..............My pond is on 35 acres and 14-16 acres of it is useless salt marsh and a tidal creek and I pay $3500 a year
|
|
|
|
Joined: Jul 2010
Posts: 3,793 Likes: 71
Hall of Fame 2014
|
Hall of Fame 2014
Joined: Jul 2010
Posts: 3,793 Likes: 71 |
Same here Dave. My brother and I were somewhat surprised when we got our first property tax notice on the property we purchased in late March 2012. We have about 72 acres, 3 ponds, no house yet. We allow our neighbor via a typed up lease agreement to graze his horses, shetland pony, donkeys, and a few cows on our property to qualify for the AG exemption that was recently approved. The taxes are $85 a year. I am sure the taxes will go up some when the mini-log cabins are completed, but we've been pleased thus far.
Fishing has never been about the fish....
|
|
|
|
Joined: Jun 2007
Posts: 3,794
Lunker
|
Lunker
Joined: Jun 2007
Posts: 3,794 |
N.E. Texas 2 acre and 1/4 acre ponds Original george #173 (22 June 2002)
|
|
|
|
Joined: Jan 2006
Posts: 16,026 Likes: 274
Moderator Lunker
|
Moderator Lunker
Joined: Jan 2006
Posts: 16,026 Likes: 274 |
TJ, like most places, we are loaded with sparrows. However, we also have cardinals, mocking birds, wrens, etc. Our most beautiful bird is the bunting. They are the closest thing to technicolor that I've ever seen. However, they are extremely shy and don't live in the cities. I see them a lot in the country. To get them to come to the bird feeder just outside my house, I have to put up a piece of plywood for their privacy.
I targeted bluebirds with the bird houses and it worked. That is, they worked until squirrels and coons destroyed the houses to eat the eggs and chicks. I'm currently building more houses and will use squirrel excluders around the Tposts. I'm also going to hang a couple of houses from tree limbs. But the bluebirds are cavity nesters and I don't know whether they will buy into the idea of a windy, swinging house. Anybody have any experience with that?
It's not about the fish. It's about the pond. Take care of the pond and the fish will be fine. PB subscriber since before it was in color.
Without a sense of urgency, Nothing ever gets done.
Boy, if I say "sic em", you'd better look for something to bite. Sam Shelley Rancher and Farmer Muleshoe Texas 1892-1985 RIP
|
|
|
|
Joined: Feb 2011
Posts: 5,284 Likes: 288
Moderator
|
Moderator
Joined: Feb 2011
Posts: 5,284 Likes: 288 |
We have the Ag exemption because of our hay. We don't make a lot on the hay, but it sure is nice come tax time.
Only funny thing is the school taxes. We're 1/2 a mile inside Hopkins county, and the school taxes are lower than Rains county just next door. Thinking it's because Hopkins has a much larger tax base. Just a guess though.
It's probably hard to fund education in rural areas, when the school enrollment is larger than the town the school resides in.
AL
|
|
|
|
Joined: Jan 2010
Posts: 457
Ambassador Field Correspondent Lunker
|
Ambassador Field Correspondent Lunker
Joined: Jan 2010
Posts: 457 |
(...) Our most beautiful bird is the bunting. They are the closest thing to technicolor that I've ever seen. However, they are extremely shy and don't live in the cities. (...) Anybody have any experience with that? Dave: We have indigo buntings that have taken up in our bird houses. I don't know about their nesting habits where you are, but here, they prefer low-laying brush (I have a hedge-row with a few bushes, some trees and a lot of ivy growing in it). I'm not sure how we got them in our 3 birdhouses (Last count, we have 4 male birds, but that is just how many i have seen at one time). However, i know that the nests are not all in birdhouses, and that at least 2 of the families live in the hedge row. Our houses are at varying heights, in various "terrain." Two of our 3 houses have buntings. one is hanging from an L bracket off of the neighbor's fence (directly to the left of the brush line), and is susceptible to the billions of squirrels I also have (thanks to having the largest oak trees in illinois....), but for some reason they seem to leave the nest alone. The second is very high up in a massive oak i have in the front yard, not near that brush line at all. your guess is as good as mine as to how to get them to nest near your feeders. They do use my feeder, whenever the tree rats aren't trying to get to it, and I usually see them at the feeder which is also attached to the fence, about 20 yards from the birdhouse. I do see them much more often coming out of the hedge row/brush line than any other place, and I know i am blessed to have so many on my relatively small lot. I also have downy woodpeckers, redbellied woodpeckers, and in the neighboring woods i have at least 4 owls of varying types which often come to hunt the tree-rats. One, i am convinced, is a horned owl, just because it is massive (although the wife, the one educated in these things, says i am crazy, and its more likely to just be a very large type of barn owl or maybe a barred owl). In the winters, we are also lucky enough to have the bald eagles nesting on the mississippi bluffs, who are experts at hunting our tree rats. my little 2 acres is a bird-watcher's dream. good luck with your nests, dave, and if anybody knows how to convince an owl to stay for keeps, let me know. -skinny edit: It might also be useful to mention that usually when i see all of the buntings together they are in my mulberry tree.
Last edited by skinnybass; 01/23/13 09:53 AM.
Trying to help with 7.5 Acres in the Chain of Lakes Illinois - - The fish would stay out of trouble if it could just keep its fool mouth shut. Turns out there is a lot I should be learning from the fish.
|
|
|
Moderated by Bill Cody, Bruce Condello, catmandoo, Chris Steelman, Dave Davidson1, esshup, ewest, FireIsHot, Omaha, Sunil, teehjaeh57
|
|