ideas needed

Discussion in 'Homesteading Questions' started by marvella, Feb 16, 2005.

  1. marvella

    marvella Well-Known Member

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    when i went in to pay my taxes, i also registered this place as a farm. it is now registered under the greenbelt program, which will give me a tax break beginning next year. the one hitch is- i have to show $4500 farm profit over the next three years. i have a new barn, on 16 acres that is fenced and cross-fenced. the place is about 1/2 pasture, 1/2 woodland hillside, and a creek running through it. i've got a few goats, which i am no longer breeding. chickens, but i dont think i can sell enough eggs. too many cats, dogs and other assorted pets. i've been considering a greenhouse, as i can afford to invest a *little* money, but know nothing about them. and besides, i still have to keep my full time job to pay for the place.

    so, i guess what i am looking for is something that is easy to do, doesn't take a lot of time, that will generate enough profit to meet that goal.

    any and all ideas are appreciated.
     
  2. jackie c

    jackie c Well-Known Member

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    $4500 over three years! Wow, count your blessings, to register my land as a farm I have to show over $7000 in one year.
     

  3. diane greene

    diane greene Well-Known Member

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    Well, every state is different, but here in NY you can lease your land to another farmer or grower (C.S.A., herbalist, nursery grower, haying, cut flowers etc.) and the total of the lease is considered farm income. See if you can find someone willing to grow something on your land for a leasing rate of $4500 over the next three years.
     
  4. Mike in Ohio

    Mike in Ohio Well-Known Member

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    Farm profit or farm revenue? There's a big difference. In Ohio it varies a little from county to county but all the ones I'm familiar with are $2,000-$2,500 per year gross revenue. Do be sure you understand exactly what the language of the law is.

    Mike
     
  5. Slev

    Slev Well-Known Member Supporter

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    try the expensive stuff, like ginsing, mushrooms, alpaca's and you could always plant a few dozen money trees, though I'm not sure how long it takes before they bare fruit...

    a couple of expensive horses could produce expensive foals.

    A volunteer of mine's son raises chinese veggies, and all the chinese places come to buy their stuff.

    contact a local nursery to see if they would outcrop anything to you.


    ...the rest of the really good ideas, I'm saving for myself :)
     
  6. marvella

    marvella Well-Known Member

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    hmmm, i bet it could be revenue instead of profit. my copy of the papers wont arrive for a couple of weeks. so, how would i go about showing that to someone who might want to know? just keeping reciepts? do they come around and check? how often? i imagine i'll have to claim this on my federal taxes? maybe i should call the courthouse again.

    yes, $1500 a year, or 4500 over 3 years is what they told me.

    hmm. i've got a guy who is helping me fence, in exchange for being able to pasture his horses here. wonder if that counts? what is a years worth of pasture worth? shiitake mushrooms might work. in a neighboring county a guy transitioned his tobacco crop to shiitakes. if i remember right the ag extension guy helped with it. (the way i first spelled shiitake got censored with a bunch of stars LOL!!)
     
  7. mikell

    mikell Well-Known Member

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    Rent winter storage for RV boats and stuff. How much do you save on your property taxes being a farm. I bet it's more than that ammount. So just make up the numbers to fit.


    mikell
     
  8. patarini

    patarini Well-Known Member

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    Just got 22 acres in tn -- wonder how my land is assessed? do i just go to the courthouse and ask? going to be planting a lot of ginseng and goldenseal -- wont get any income tho for 3 or 4 years!
     
  9. marvella

    marvella Well-Known Member

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    i don't know how much, but what i paid is triple what i paid ten years ago and any little bit helps. besides i want it counted as farm land when zoning comes in. and greenbelt status makes it more attractive if i decide to sell. we have the number one highest tax rate in the state. know why? because we are the poorest county in the state. go figure. now they are trying to force through a wheel tax. :rolleyes:

    patarini- yes, go to the county courthouse, and the assessors office. they can answer all your questions, give you maps, tell you who owns neighboring plots, all kinds of useful info. ask about the greenbelt program while you are there.
     
  10. Terri

    Terri Singletree & Weight Loss & Permaculture Moderator Staff Member Supporter

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    Yes, oh knowledgable ones, where DO you go to get your place registered as a faem? I am hoping to make a profit off of mine as soon as the bee hives get built up, and a break on taxes would buy several hives....
     
  11. 3girls

    3girls Well-Known Member

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    Create a paper trail: You pay man for fence building, he pays you rent.

    $1500/yr is doable. Veggies, nursery products, eggs, rent on land, run a few steers for a year, etc. It takes a number of small profit streams to add up. Go back to breeding goats if that helps.

    I'm not sure just how you would do the taxes, however. Minimize the expenses to satisfy the qualification for your land designation; maximize your expenses for the IRS.

    Good luck
     
  12. mpillow

    mpillow Well-Known Member Supporter

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    Not sure about your location but....my kiddos are developing there own business plan...part of our homeschooling...they are 9 and 10. We have goats and they want chickens (layers and meat) and rabbits...all low intensity animals...

    The plan is to have a petting zoo (our summer home is near an RV campground) along with fruit and veggie sales..possibly even worms for fishing.....not sure how this will come together but it will be a great learning experience for all of us! We may even sell live animals to people capable of doing there own butchering or raising....

    And have a look at Fin29's broiler raising method....Thanks Fin! Yes we are going to try...got the ok from dad!!!


    If you work fulltime...just be open on the weekends or evenings by appt. and you can always spread the word at work...

    A local butcher will also help you with surplus meat sales....check around...

    Humanely raised animals for the table is also a big deal....
     
  13. marvella

    marvella Well-Known Member

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    terri- to register as a farm in tn (i don't know abpout other states) you must have a minimum of 15 acres, with both pasture and woodland. the office that assesses your land for tax purposes are the ones to contact. here it is called the tax assessor's office. of all things. :haha:

    sapphira- that is the idea that attracts me the most, because it is an interest i already have. (besides already "leasing" pasture, yep, i bet this guy will help with the records. :cool: ) it's the time commitment on that i worry about. i work monday through friday, 9 to 5. or will be as soon as i transfer to this new department in may. but the idea does keep coming up, and i usually take that as a sign from the universe i'm heading the right way. :) i wonder if florists would be interested in locally grown flowers? would i be competing against big corporate growers? i know the local grocery store will take homegrown veggies and stuff. but again, it's the time and energy factor.

    so, how much does leasing pasture go for in your area? he'll have the use of about 10 acres.
     
  14. Haynes

    Haynes Well-Known Member

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    Hope some Va. people reply on this. I just bought 42 acres in S W Va..
    Zoned agriculture but maybe there's some extras to be had.
    I'm going down to the courthouse to inquire but a heads up never hurts.

    Donnie--
     
  15. agmantoo

    agmantoo agmantoo Supporter

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    Gross profit, not net profit, is the benchmark for qualifying under agriculture. I am a tree farmer and under that umbrella all one needs is a formal management program. The key to qualifying is to keep reasonable records and be prepared to prove that it is not a hobby operation.
     
  16. 3girls

    3girls Well-Known Member

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    For potential flower growers:

    www.growingformarket.com

    Specialty Cut Flowers, by Allan Armitage, et al

    The Flower Farmer, by Lynn Byczynski

    We're Gonna Be Rich, by Pamela and Frank Arnosky