An Article on Soil Nutrient Deductions

The Land Report provided an article from several attorneys on what is commonly referred to as the Section 180 deduction.

Photo by Jon Tyson on Unsplash

The Land Report is published about four times a year and we would highly recommend it for those of you that like to keep up with trends in farmland on a national basis.

There has been a lot of interest in getting a soil nutrient analysis report done that may allow you to deduct part of the fertility that is present in your ground at the time of purchase.

The Land Report published an article by a team of attorneys recently that provides information on the background of the deduction and analysis of some best practices on obtaining a correct income tax deduction.

This deduction has been around for many years but just recently technology has made it easier to calculate, etc. It would be helpful for the IRS to provide more guidance on the deduction, but the article reviews the current methodology and it worth reading.