![]() This tool is useful in spotting things about an area that make not be readily visible from the ground level such as active landfills. TIP: Download Google Earth and get a virtual bird’s-eye view of the area surrounding your farm. Obtain information on land use ordinances (including zoning) and current land uses. To ensure there are no regulatory restrictions to producing your product, check with your municipality or regional government. There are no special easements tied to the land and the amount of land you’re buying matches a recent survey (If there is no survey, consider having one done.).There are no environmental issues with your farm (Having an onsite environmental audit done would help ensure that you are not buying an expensive cleanup project.).Any buildings, fences and utilities on the property are in good working condition – and if not, that you have the time and money to improve them.The soil is farmable, the climate is suitable for your growing requirements, and you have sufficient drainage and irrigation.The water is clean and sufficient for the needs of the farm and humans if you plan to live there.Once you find a piece of land or a farm that suits your needs, do a little detective work before you commit. If you engage the help of a realtor, make sure he or she has experience in farming properties. Even in this day and age, rural land changes hands without ever placing an ad. Residents of farm communities are usually aware when a farmer is selling or thinking of selling. A good place to start is by inquiring at local farm-related businesses and popular hangouts. The other route would be to purchase land or an existing farm. Leasing land can be a more economical way to test your farm ideas out before going “all in.” ![]() Leased land is a smart option for start-up farmers. If you don’t have land or access to land, you can lease land from another farmer or landowner. If you were raised on a farm or farming is in your family, you may already have that part figured out. What type of farmer do you want to be? Do you want to grow crops or raise animals? What specific skills do you have to help your farm grow and flourish? Where do you see your business going in the next five and 10 years? Finding your field What type of farmer will you be?įirst of all, you need to know a few things about yourself. Let’s take a look at what’s required before you take that big step into farm life. Read our Frequently Asked Questions ( en español)to learn more.Do you dream of owning your own farm? Purchasing a farm takes time, forethought, land and of course, financing. Please consult a tax professional with all tax-related questions regarding the FSA IRA assistance you received in 2022. USDA cannot and does not provide tax advice but wants you to be aware of options that may help manage your tax liability. For example, if a borrower received Section 22006 assistance on three different FSA loans, they would receive one corrected Form 1099-G and three Form 1099-Cs.ĭepending upon your circumstances, the IRA payment reported on your new 1099-C may be excluded from your income based on individual analysis filed with your tax return. Please note: Borrowers who received Section 22006 assistance in 2022 will receive one new Form 1099-C for each loan the borrower received a Section 22006 payment on. If you are a direct loan borrower who received financial assistance in 2022 from FSA under Section 22006, you will receive a new IRS 1099-C form and a revised 1099-G form, along with a letter directing you to available resources. Section 22006 of the Inflation Reduction Act (IRA) provided $3.1 billion for USDA to provide relief to distressed borrowers with certain FSA loans and to expedite assistance for those whose agricultural operations are at financial risk. Tax Resources for Recipients of Inflation Reduction Act Assistance
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