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Get your taxes done using TurboTax
Yes, if this is a business and you file an income tax return claiming the income from your chicken farm.
Click on the following link to enter your business and expenses: Simply follow these steps to enter your income from self-employment.
If this is a hobby, yes, ordinary and necessary expenses incurred when engaging in a hobby by a taxpayer are deductible on Form 1040, Schedule A, line 23 but only up to the amount of the taxpayer’s income from the hobby. The deduction of hobby expenses is subject to the 2% of AGI limitation. What is the 2% rule?.
Click on Do I have to report hobby income?
To enter Hobby income and expenses:
- Type hobby income in the search/find box and click search.
- Click on Jump to hobby income, loss.
- Report Hobby Income and Expenses.
A hobby, for tax purposes, is an activity not engaged in for profit or income. Any income from a hobby is reported on Form 1040, line 21;
Related Information:- How do I report income from self-employment?
- Am I considered self-employed?
- What's the difference between self-employment income and other income?
[Answer Edited inserted Form 1040, line 21... 1-30-17 5:44 am PST]