Here you can see an example of renting land for farming counts as rental income and same allowable expenses would apply.
Here you can see an example of renting land for farming counts as rental income and same allowable expenses would apply.
You will need to claim the income as rental income and you can deduct property taxes as an expense.
The farm land we rent was gifted from family, with a mortgage registered against the property. A combination mortgage/LOC was secured to build a house on the property. Can interest expense be claimed against farm land rental?
Thanks
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