Can losses from a farm be used to offset W2 income in the same year? Where one spouse farms FT (no other job) and the other spouse farms and collects a W2 from a "day job"?

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Yes. If the farm is a genuine business and attempt to earn income but still operates at a loss then the loss from the farm will carry over onto your 1040 as a negative number to offset any other income that you have there.

@Brian99

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Hello, I used Turbotax to complete my 2024 federal income taxes. I collected Social Security and a state pension. My spouse had a W2. Where can I find on my Turbotax return how much of my Social Security was taxed and at what percent? Thanks.

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Can losses from a farm be used to offset W2 income in the same year? Where one spouse farms FT (no other job) and the other spouse farms and collects a W2 from a "day job"?

Can losses from a farm be used to offset W2 income in the same year? Where one spouse farms FT (no other job) and the other spouse farms and collects a W2 from a "day job"?

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Can losses from a farm be used to offset W2 income in the same year? Where one spouse farms FT (no other job) and the other spouse farms and collects a W2 from a "day job"?

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Can losses from a farm be used to offset W2 income in the same year? Where one spouse farms FT (no other job) and the other spouse farms and collects a W2 from a "day job"?

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