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The IRS allows agricultural landowners (cropland, pasture, and timber) to deduct the legacy nutrient values present in their soils at the time of purchase. Owners must provide the appropriate documentation to justify these deductions.
Boa Safra Ag ( www.boasafraag.com ) specializes in the data collection, analytics, and reporting that enables owners of agricultural land to benefit from soil nutrient deductions. Their clients share these reports with their CPAs, and their CPAs file the reports in a variety of ways to optimize the tax benefits for the landowner.
They can retroactively do this analysis on purchased or inherited land with a step-up in basis going back to the early 2000’s. The company is active in 48 states, has generated over $800 million of aggregate deductions for its clients, and the average deduction is $1,700/acre.
Give us a call or email and let us know how we can help you out today https://boasafraag.com/contact/