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Not everybody is meant to farm

September 01, 2010

Here's one sign that a couple might not have been really cut out for farming:

In 2003 petitioners purchased a goat and a horse. The goat was sold soon after it was purchased because, according to petitioners, it was "scary."

The Tax Court decided that farming wasn't really their thing. The court disallowed farming losses of $19,139 (on $750 of gross sales) under the "hobby loss" rules.

Cite: Stenslet, T.C. Summ. Op. 2010-127

Hat tip: Roger McEowen

Flickr image courtesy Ali Graney under Creative Commons license.

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