Yes, provided you materially participate in the farm. Do you?
See https://www.irs.gov/instructions/i1040sf#en_US_2022_publink17152rd0e523
Yes, I do very materially participate.
In the meantime, I have tried to understand the Form F instructions. They explain many things about how losses are hard to claim. But they do not say anything about whether losses on a foreign farm are deductible.
Do you know of any official irs publication that says I can declare losses from a foreign farm against us income to any degree what-so-ever?
Or should I assume it is ok and file?
Hugh Aiken
Are you not using TurboTax?
There should be no reason why you could not use a net loss if you materially participated.
Thank you for this encouraging reply. If I can file Form F on an amended 2022 1040 (yes, I filed my 1040 for 2022 using Turbo Tax, but on paper, because Turbo Tax does not support Forl 5471 yet - too bad), it could save me about $34,000.
Sincerely,
Hugh