So I just purchased a piece of property and I have designs on trying my hand at farming. I'm well aware of how difficult that is in and of itself. In the short term, I'm going to purchase some equipment to get it going. Here are my questions:
Can I take a tax deduction for the equipment against my personal income (I have a actual job as well) or can expenditures of that nature only be deducted against actual income from the business?
If I purchase equipment now, can I deduct the value of that down the line, once and if I start making some profit?
If the entire thing is an abject failure, can I take a tax deduction for losses in any way shape or manner?