FarMDParticipantStatus: PhysicianPosts: 1Joined: 04/15/2019
We purchased a 20 acre Macadamia and Longan Farm in Jul 2018. We are submitting taxes for the first time as high income farmers. We were unsuccessful in finding someone locally to help with our taxes, so we are trying on our own. We can’t figure out how to determine the fair market value for our approx 600 longan trees and 200 macadamia nut trees in order to depreciate them. Any suggestions on how to do this properly? Thanks!April 14, 2019 at 5:58 pm MST #206461jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 7161Joined: 01/09/2016
It’s pretty subjective without a professional appraisal. I don’t know how much value or income you are talking about, but it sure might be worth getting one in the first year.
If you’ve read many of my comments, I am all for DIY when you have a fairly basic situation or you are a high-intel tax geek. This is definitely not a return I would recommend you DIY as a “high income farmer” (or to sign as a DIY).
Not sure I understand why you are limiting yourself to your geographic area for a professional relationship, but perhaps you do not have internet access where your farm is located and you are posting this from an Internet cafe.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555