Farm4Profit Podcast
Harvesting Hidden Tax Deductions using Section 180
Episode Summary
Boa Safra, a company helping farmers maximize tax deductions for recently acquired farmland. Since 2019, they've generated over $500 million in deductions across 40+ states. Learn about their process of soil sampling, nutrient value establishment, and comprehensive reporting. Discover how Boa Safra assists clients in leveraging IRS section 180 for significant tax savings.
Episode Notes
Visit www.farm4profit.com for more information on Boa Safra Ag
Wheat tip sponsored by www.estesperformanceconcaves.com
- Who is Boa Safra?
- History, Mission, Vision
- Started in 2019, in 40+ states, generated over $500 million deductions for clients
- Help maximize farm tax deductions for recently acquired farmland
- Uses the tax credit program for nutrients in the soil to get money back
- owner-operators, brokers, banks & mortgage lenders, land investors, CPA firms
- The Process:
- Sampling and mapping soils
- Establishing nutrient values
- Generating comprehensive report
- Elaborate on the process by which taxpayers can allocate part of the purchase price of farmland to excess fertilizer or nutrients, as explain in the IRS section 180 report
- What potential risks or challenges should taxpayers be aware of when considering the utilization of IRS section 180 deductions for recovering the value of residual fertilizer?
- Could this go away?
- How does Boa Safra assist owner-operators in quantifying the volume and value of legacy nutrients in their soils for the purpose of capturing federal tax deductions?
- How long after a farm purchase can you do it?
- How does Boa Safra adapt its services to meet the unique needs and preferences of different client types?
- Explain the process the determines valuations for residual fertility loads
- Are there specific requirements or regulations that clients need to be aware of in order to claim the pre-existing soil fertility load deduction for agricultural production?
- The process:
- What specific nutrients are tested for during the soil analysis process?
- How do you ensure the accuracy and reliability of the data?
- Are there additional support service offered by Boa Safra?
- Tax filing process?
- Does it matter if its owned in a trust or LLC or partnership or individual?
- What did we miss?
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