Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
masteely
New Member

Do I file a schedule c & schedule f for my farm?

 
1 Best answer

Accepted Solutions
KarenL2
Level 5

Do I file a schedule c & schedule f for my farm?

You will only file a Schedule F.  You can deduct any cost you incur that's an ordinary and necessary expense of farming on Schedule F to reduce the profit—or increase the loss—on which you'll owe taxes. Some of the expenses that farmers commonly deduct cover the cost of livestock and feed, seeds, fertilizer, wages paid to employees, interest paid during the year on farm-related loans, depreciation to recover a portion of equipment costs, utilities and insurance premiums.

Please see this link for more information What is Schedule F: Profit and Loss from Farming

View solution in original post

1 Reply
KarenL2
Level 5

Do I file a schedule c & schedule f for my farm?

You will only file a Schedule F.  You can deduct any cost you incur that's an ordinary and necessary expense of farming on Schedule F to reduce the profit—or increase the loss—on which you'll owe taxes. Some of the expenses that farmers commonly deduct cover the cost of livestock and feed, seeds, fertilizer, wages paid to employees, interest paid during the year on farm-related loans, depreciation to recover a portion of equipment costs, utilities and insurance premiums.

Please see this link for more information What is Schedule F: Profit and Loss from Farming

Dynamic AdsDynamic Ads
Privacy Settings
v