If I am filing a 1065 form for a farm LLC, what is the difference between expenses under Deductions- Business Expenses vs those on schedule F?

[imaginefarm]

Thanks for your answer - but Turbo Tax imported my expenses (no income yet) from QuickBooks and all are under the 1065- Business Expenses.  Do I have to delete all those and enter them manually on Schedule F?

[SheriD]

In TurboTax - you can remove the expenses off the 1065 and add them to Schedule F. If you like, it may be easier to go to the File tab and select 'Remove Imported Data', print out the profit and loss report out of QuickBooks, and manually enter the farm activity on Schedule F (or go through the interview and add the activity there).
We unfortunately do not have tax line assignments to match Schedule F. TurboTax does not import farm activities from QuickBooks at this time.

[SheriD]

If the expenses are for a farming activity, they should be reported on the Schedule F. The farming income should also be reported on the Schedule F.

The deductions on Form 1065 are for deductions not related to a farm nor rental activity.

I hope this helps!