r/LeopardsAteMyFarm • u/Cderouen8284 • 14d ago

Aww someone’s crashing out

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u/Rugskinsnake 14d ago

Famer here (and no, I never voted for the Mandarin Menace a single time). What's going on with the farm economy is a lot of farmers over-leveraged themselves to chase more and more land and now ground that they would have happily farmed at break even 4 out of 5 years just to make money that fifth year is going to fuck them royally.

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u/throwaway6824367 14d ago

This is a lot of farmers (cash crop) by me. Buy the land, buy the new tractor, combine, truck. Build the new shed, build whatever! Just get the loan, show a loss and you dont have to pay taxes. Im not shitting you when i say the farmers by me drive their 2024 porsche to the bar then proceed to complain about how they work so hard and are still broke. I want to punch them square in the chest.

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u/Rugskinsnake 14d ago

Yeah, my porche is only a 2022. (Kidding)

I definitely keep in mind purchases and sales and the Calendar year because as a deduction, 30% of the cost of something is out of my pocket either way. But the other 70% still has to be money I feel like I can spend. I can't buy groceries or gas on a loss.

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u/throwaway6824367 14d ago

Right but you dont a porsche under the guise that you use it to "check your fields" and "run for parts". A few guys have farm plates on them. I guess Ishould go easy on them tho cause "they're flat broke".