You wanted to make sure the income would be divided equally, and John talked to you about farm expenses related to the oil business. The good news is ...hat the farm's share will be available to you for such things as seed, fertilizer, fuel, equipment, equipment repairs, and such. The bad news is that you will have to pay taxes on all the profits if the farm makes a decent profit. Farmers usually keep good records for costs, and I assume you have a decent record of expenses and income. You and I. I live up in the penthouse suit while I rent the rooms on the second floor to students attending college in town. We all share the common room and dining space. The basement is mainly used as storage for my parents belongings. Since the mortgage is all paid off, the rent money I collect is essentially easy income and I usually charge lower than what most apartments and campus residences ask for so its a cheaper alternative for those attending school. For the first couple of years, I rented to. More

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