We Did a Farm Service Loan for cattle, received a 1098. How do I enter this? Is the initial loan farm income, then when the loan is paid back w/interest a deduction?

Farm Income and Farm Service Agency Loan

After you file

No, a loan is not income.  It is treated as you spending cash because you are legally liable for the loan.

You can deduct the interest as an expense as you pay the interest (for the amount reported on the 1098) as a Farm business expense. 

You will enter this on the farm return section as an expense.  To do this you will need to upgrade to TurboTax Home and Business.

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