Owning livestock is not a taxable event. Selling it is. If you are in business, you would enter income and expenses on Schedule F, for farms.
TurboTax will produce a Schedule F to include in your return when you fill out the farm income section of TurboTax Self Employed. You can use the search to get there -
- Log into your account and click Take Me to My Return (you must click this before searching or you won't get the jump to link below)
- Click the search icon in the top right corner (looks like a magnifying glass)
- Search for “farm income” in the search box
- Click the “jump to farm income” link.
- This will bring you to the appropriate place to add a farm and Schedule F
@alcinalee
