Harvesting Hidden Tax Deductions using Section 180

Jun 24

Podcast 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?