Switching from hobby farm to 'real' farm?
I've been toying with the idea of making my mini-farm hobby an official farm business. Has anybody on this forum made this switch? I spent several hours on the IRS website (oh, that was lots of fun...) trying to read about rules for farms. So confusing. As I understand it, one needs to make a profit 3 out of 5 years. There seem to be a lot of rules about deductions. I sell eggs, baby poultry, goats, some veggies. Right now I'm just trying to help pay for animal feed. I could sure use some deductions for all the farm expenses--pens especially. Is it worth the hassle of being an official business for a small operation? What if one needs to close shop before 5 years is up? Thanks for sharing any experiences you all have had.