I am a self employed physician assistant. I have a 37 acre farm. Can I use farm loss to offset my medical income. For example I want to build an $8000 fence around a pasture. I will not make more than

Forum|Forum|6 years ago
March 16, 2020
6 replies
39 views

this on the farm. Can I use the farm loss to lessen my overall income?

TurboTax Live Self Employed

DianeC958

Alumni - Intuit

Yes, if the farm is actively worked and you have a loss on from the farm, the loss will offset against your income from being a physician assistant. The loss will not reduce the Social Security and Medicare tax you have to pay, only the Federal tax you have to pay.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

jldemchakAuthor

Level 2

Thank you! Now since I have a farm and home office and am self employed, is travel to and from the self employed worksite tax deductible?

KatrinaB48

Alumni - Intuit

Yes, self-employed business mileage is deductible. Mileage is an allowable deduction if you’re self-employed or own your own business. You can choose between the standard mileage rate or the actual cost method where you keep track of what you paid for gas and maintenance.

To use the standard mileage rate, you must keep a log of each trip with miles driven during the first year your vehicle is used for business. After that, you can either go with standard mileage or actual cost (unless you lease, in which case you must stick with standard mileage for the duration of the lease).

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"