Regarding tax considerations for your farm, one of the most important factors is whether your activities can be considered a hobby or a primary production business. They’re not as comprehensive as running a commercial farm, but there are few requirements that do crossover into hobby farming. It’s important that you understand the legal obligations of owning a hobby farm. Others get a hobby farm to keep and ride horses on the weekends instead of paying rent for a stable, or they simply want somewhere to tinker with machines and cars. Perhaps you’re a wine-lover and want to try your hand at your own boutique vineyard, or is coffee more your thing? For example, many people try their hand at caring for miniature breeds of cows before even considering caring for larger cattle because they’re a lot easier – and cheaper – to manage.Īre There Different Types Of Hobby Farms?Ī hobby farm doesn’t have to be the archetypal farm with livestock and crops. You may not want to overcommit yourself with too many animals or crops that you haven’t quite got your head around managing effectively yet. Buyers don’t expect financial gain from these properties, even if they do sell a little excess produce. People buy hobby farms to enjoy themselves so remember why you’re buying one in the first place.
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