Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

If you invest R180 000 in farming and you only received R15…

Customer Question
If you invest R180...

If you invest R180 000 in farming and you only received R15 000 due to hailstorm. Can you claim this loss from a taxman if you havent registered a company but you do pay income tax form your other job?

Accountant's Assistant: The expert will know how to help. Is there anything else important you think the expert should know?

My partner is looking after the farm as I am working. I was paying monies for the farm workers into his account. I only have receipts for seeds and fertilizers and other things we use on the farm. Also the transaction into the account of the farm owner that we leased the land from.

Submitted: 8 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 day by:
8/3/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,609
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

Under SARs, unless a taxpayer carries on farming activities on a fulltime basis, such activities will be regarded as 'suspect trades'. Those who conduct farming activities as a secondary activity, will be hit by ring-fencing provisions and the total loss is not allowed. Just up to the R15000 would be allowed as a claim.

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,609
17,609 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,609 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
28 form 1040A, "tax" - includes FICA and federal income? Or
https://ttlc.intuit.comline 28 form 1040A, "tax" - includes FICA and federal income? Or just federal income? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
It is in regards to accounting... what is a transaction
it is in regards ***** ***** what is a transaction report? is for expenses that get reported each year to an accounting firm for tax reconciliation and filing business taxes... … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
824 satisfied customers
I am completing my moms federal income tax forms for 2017.
I am completing my moms federal income tax forms for 2017. Mom (who is 90) purchased a vacant lot in June of 2012 and sold it at a profit of $23,7550 in November of 2017. Moms adjusted gross income fo… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,026 satisfied customers
K-1 schedule foreign transactions - blocks ,C, D, and E have
k-1 schedule foreign transactions - blocks B,C, D, and E have small numbers (578,138,176, and 8 resp). Report this on form 1116 or schedule E? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is the tax treatment for a real estate transaction made
Hi,What is the tax treatment for a real estate transaction made up of 2 contracts for raw land that is owned free and clear?One option to purchase agreement One lease agreement (84 monthly payments)Th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am doing my Mom's income tax and there is a new form that
I am doing my Mom's income tax and there is a new form that I am not familiar with and am unsure what to do with it. It is from ATB Securities Inc and says: "for settlement on Dec 28, 2017 Net Amount … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Tax question: what do you do on income tax form if you have
tax question: what do you do on income tax form if you have claimed bankruptcy and let your house go back to finance company? The last 3 or4 years we have done long form, but in claiming bancruptcy on… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My Income Tax Forms were stolen in 2017. How can this be
My Income Tax Forms were stolen in 2017. How can this be tracked? … read more
abci168
abci168
Principal
27 satisfied customers
Need to walk through local earned income tax form. Did turbo
did turbo tax for federal and state,, trying to understand berkhiemers form for the local earned income,, moved from pa. to florida on july 1, 2017 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I want to ask a question about Income tax return form 1040..
Hello I want to ask a question about Income tax return form 1040.. I want to fill form but My wife doesnt have any ssn number. She is housewife and she has no income. Which option should I choose from… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
155 satisfied customers
I have investments with Vanguard. Are transactions taxable
I have investments with Vanguard. Are transactions taxable when I switch from one of Vanguard's funds to another in order to reduce market risk?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
According to Paperwork Reduction Act, if I use transactions
according to Paperwork Reduction Act, if I use transactions in the credit card statement as proof of receipts for expense for tax purpose, will IRS allow it?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
TAX: Taxpayer received form 1099-Misc with income reported
TAX: Taxpayer received form 1099-Misc with income reported in box 7 (non-employee compensation) of $4189. The taxpayer performed services as a Substitute Teacher. Is this income reported on SCH C and … read more
Carter McBride
Carter McBride
LLM
957 satisfied customers
I submitted my 2017 federal income tax forms to Turbo Tax to
I submitted my 2017 federal income tax forms to Turbo Tax to be submitted to the government. Turbo Tax recognized an error to be corrected because I omitted completing one section. Since Turbo Tax did… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
We need forms for 2017 Income Tax. We purchased the turbotax
We need forms for 2017 Income Tax. We purchased the turbotax Deluxe and the form keeps saying 2016. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Form 8300. We are doing a business to business transaction.
We are doing a business to business transaction. The form is not clear on how to compete. Do we complete Part I f … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x