Filing for Farm exempt status
I recently moved into Grant County. I purchased a 56 acre horse farm but don't have horses. Am I able to still file for farm exempt status for tax purposes and what are the qualifications for the property to do so? If so, how do I go about filing for farm exemption?
Grant County Kentucky
The IRS classifies a farm as any business that can generate 1000 or more in gross revenue. If you are not generating that amount of revenue then you cannot use the exemption as you are not a farm. On the bright side you won't need to buy a business license either.