Buying land and using tax write off

[Johnny_Dodson]

No, what you are trying to do will bring up red flags and get you audited and you will lose. We tried to figure it out on are ranch to see if there was anyway we use it to a tax advantage. We had to make and income on our land and this we could write off some losses against that income.
Just listen to your accountant if he is good, meaning he knows how to operate where you pay the least amount of taxes by knowing all loopholes. If he is good and says no there is a reason.


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[Charles]

Found you a place

http://www.businessinsider.com/t-boone-pickens-lists-enormous-texas-ranch-pictures-2017-11/#welcome-to-mesa-vista-ranch-1

I'll even offer my services to help you move in and explore the land.

[kyle1974]

not sure about land, but I was a horrible horrible business man when I was guiding fishing trips... all those losses from Roy's bait and tackle really stacked up.

[perow]

Tell your dad to buy it personally and each year charge your company to take clients out there.

[labman]

Agree with the above advice. I have a small place, CPA says just use it and enjoy< we argued over many an adult beverage- what about this, or that, lol.


You want to entertain clients, take them somewhere. It's easier, actually better since you don't have to worry about all the prep work, what they shoot, etc it's someone else's headache.

[TKK]

you can't write off a hunting lease.

I believe you can if you take customers there - a percentage of it

[BTLowry]

Land will not be used as Ag or farm land. It would strictly be used as hunting. Taking clients and employees and family. Thanks for the info.

I would buy something with ag valuation on it and convert to wildlife then

Otherwise, depending on county, property taxes will wear you out


Hope y'all find a great place

[Radar]

Agree with the above advice. I have a small place, CPA says just use it and enjoy< we argued over many an adult beverage- what about this, or that, lol.


You want to entertain clients, take them somewhere. It's easier, actually better since you don't have to worry about all the prep work, what they shoot, etc it's someone else's headache.

True statement

[elliscountyhog]

Agree with the above advice. I have a small place, CPA says just use it and enjoy< we argued over many an adult beverage- what about this, or that, lol.


You want to entertain clients, take them somewhere. It's easier, actually better since you don't have to worry about all the prep work, what they shoot, etc it's someone else's headache.

Thought about this but with clients and my 3 boys and 5 nieces and nephews and bro in law that all want to hunt it would cost us a lease payment to take them all on paid hunts. So buy our own dirt and heck even if we sell for what we buy for in 10-15 years we did good. We are looking at 500-600 acres around Sonora.

[elliscountyhog]

Company lease would work too but again finding one what we are looking for is almost impossible. Dad wants to run a few cows too.