Soil Fertility: Bought Land Years Ago?

A missed deduction may still be claimable
Course #: FN-054
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Field Note Description

When you buy farmland, part of the price can represent built-up fertility already in the soil — something you’re allowed to write off as it’s used up. This Field Note walks through what to do if you bought your ground years ago and never claimed it, including how the missed write-offs can be caught up without amending old returns. For any farmer who owns land they purchased and wants to know whether a deduction was left on the table.