In determining whether you are carrying on your farming activity for profit, all the facts are taken into account. No one factor alone is decisive. Among the factors to consider are whether:
- You operate your farm in a businesslike manner; [CAN PROVE]
- The time and effort you spend on farming indicate you intend to make it profitable; [CAN SHOW 5-6 DAYS PER MONTH]
- You depend on income from farming for your livelihood; [NOPE]
- Your losses are due to circumstances beyond your control or are normal in the startup phase of farming; [SEEMS APPLICABLE GIVEN PRE-PRODUCTIVE PERIOD]
- You change your methods of operation in an attempt to improve profitability; [N/A]
- You, or your advisors, have the knowledge needed to carry on the farming activity as a successful business; [NO KNOWLEDGE HERE OTHER THAN A FEW BOOKS AND PERMIES.COM]
- You were successful in making a profit in similar activities in the past; [NOPE - CONSULTING ENTIRELY UNRELATED]
- You make a profit from farming in some years and the amount of profit you make; [NOT YET]
and
- You can expect to make a future profit from the appreciation of the assets used in the farming activity. [PERHAPS]
A tiny monkey bit me and I got tiny ads:
Got a New Homestead? Here is What You Need to Know to Before You Start a Homestead
https://permies.com/t/97104/Starting-homestead-strong-foundation
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