Originally Posted by
tsquare
We paid off everything a few years back. But we are about to FINALLY build the house that we bought this piece of property for in the first place. So I think we will be back in debt.. just a little.. and hopefully not for very long. Brace yourself for tax day when you do that though. Without a mortgage, you cannot deduct ANYTHING... and your tax bill is large. You have to keep in mind that your disposeable income is much larger too though. When you get there.. call Dave Ramsay and scream "I'm debt FREE!"
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TSquare;
Actually not true. The schedule F baby!!!!!!!! Farm writeoffs. 10 or more acres of which at least 5 are in the farmed product. Gives you the section 179 expense (110k per annum) and the ability to writeoff fuel, oil, tools, buildings, maintenance, big frikkin toys, etc. Additionally, when the state approves your farm, you become sales tax exempt at places like lowes, tractor supply, the john deere dealer, when you buy a truck or register a camper.
You have to know the rule the politicians put in place to benefit themselves. And yes 10 acres of swampland counts.
Not intended as tax or investment advice.
Scambo
Scambo