When someone bought land back in the late 1800’s to have a family farm was it purchased as a business?

Deal Score0

Another words, say a couple mortgage raw land or a farm back in the late 1800’s, was the loan considered a business loan or personal property back then? Was their farm (for tax purposes) considered a business back then?
disregarding the The Homestead Act of 1862

  1. Reply
    May 16, 2011 at 4:06 am

    before I saw your additional note….i just thought it would have been a homestead…I dont think it would have been considered a business

  2. Reply
    May 16, 2011 at 4:45 am

    I would want to lean towards neither. I don’t know about that exact time period, but the convention tends to be today that agricultural land is considered separate from business and personal property. If that distinction wasn’t made then, most likely it was considered just personal property.

    Leave a reply

    Register New Account
    Reset Password