- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
According to the IRS:
You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. It also includes plantations, ranches, ranges, and orchards and groves. Since you are growing and cultivating food-producing plants to sell, you are in the business of farming.
You should enter all your Farming activities under the Farm Income and Expenses section of TurboTax Home and Business. Your expenses incurred to get started in 2022 should be correctly identified as Startup Costs and amortized according to the IRS guidelines. See Business Startup Costs for more information.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 7, 2023
11:48 AM