#HOBBY FARM FOR SALE KENTUCKY VERIFICATION#

On mid-range properties you can find timeless, country-style homes, great for you and your family to enjoy high-quality living. Many farms for sale have large, single-family homes, built with unprecedented character and charm. You can also expect to find properties with fabulous indoor or outdoor arenas for training horses. Oftentimes, properties come with large barns with multiple stalls that house your livestock, equipment, and fodder. Many properties have ample room to produce hay and alfalfa, or to enjoy a variety of cattle and other agricultural pursuits. Properties can be found as small as 10 acres and as large as 450. This is to protect the valuable farmland in the area from being broken up into sprawling subdivisions. No matter what you’re looking for, Lexington real estate has the property for you.įarmland around Lexington is protected by a number of urban growth plans which set a minimum lot size in agricultural zones. Lexington farm real estate is diverse, offering properties from undeveloped plots of land, perfect for starting a new farm, to massive hundred-acre farms with luxurious, modern homes. The topography, soil quality, and location make for perfect conditions for successful horse farms, which brings farmers from across the country to Lexington. The soil is nourished by limestone, making the land outstandingly fertile. Your tax advisor can provide details on these types of opportunities and other tax breaks for farmers that might be available to you.Lexington farms for sale are known for their idyllic conditions for horses and agriculture. You may also be able to tap tax breaks for alternative energy, like using solar panels to generate electricity for your farm. This could permanently reduce the market value of your property and potentially allow you to claim a deduction on your tax return.

You may qualify for additional tax breaks if you’re willing to give up development rights on your land and donate a conservation easement to a charitable land trust. These might include farm machinery purchases, operational costs, vehicle purchases and maintenance, and costs for chemicals, feed, fertilizer, pesticides, salaries, and employee benefits.

#HOBBY FARM FOR SALE KENTUCKY VERIFICATION#

The IRS may require you to produce a business plan, profit and loss statements, verification of your bank account, daily activity logs, and financial records showing typical farm expenses and assets. To qualify as a true farm business, you’ll need to show your intention to make a profit, although you don’t have to actually make a profit each year. On the other hand, a hobby farm - typically a few horses, other livestock, or crops used for leisure and enjoyment - probably won’t qualify for tax breaks.Ĥ. That could include livestock, poultry, dairy, fish, vegetables, or fruit. What qualifies as a small farm for tax purposes? In the eyes of the IRS, a small farm must be actively cultivating, operating, or managing land for profit. To qualify for these tax breaks, most states require you to have a certain amount of land in use, and some require a specific amount in profits, to show that you’re actually in the small farm business. While all 50 states provide tax breaks for agricultural land, their rules may be different, depending on where you live and what you’re farming. But once you start selling the food you grow or the livestock you raise, you may need a special business permit and possibly approval from the health department and other regulatory agencies.Ģ. These zoning requirements typically don’t apply if you’re growing food for you and your family only. Before you do anything, make sure your local zoning department allows farming.

Hobby farm for sale kentucky