If your plans are to
operate the farm as a profitable business, rather than as a hobby or for
personal use, you are allowed to deduct your expenses even if there is no income. There are no strict criteria to determine if
the operation is a business or hobby.
You can review some general information about this topic by clicking here.
As to specific deductible expenses,
the mortgage interest and taxes are deductible.
The fruit trees, well, machinery, and greenhouse should be depreciated
since they have a useful life over one year.
You may want to review IRS Publication 225 – Farmer’s Tax Guide by
clicking here.
I was unable to recreate
the problem you are experiencing with the farm name. You should be able to access everything you
have entered in the following manner:
1.
Click on the Business tab
2.
Select “I’ll choose what I work on”
3.
Scroll down to “Farm Income and Expenses” and select “Visit All”
to the right.
You will also want to make
sure your software is up to date. It
appears you are using a desktop version of TurboTax. If you don’t have automatic updates set in
your preferences, you can update by:
1.
Select “Online” from the menu bar
2.
Then, select “Check for updates”
3.
Follow the onscreen instructions
I hope this answers your question. If you have additional questions or comments
regarding this issue, please feel free to reply to this post for further
clarification. Thanks for trusting TurboTax with your tax preparation.
