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
If you use or intend to use your livestock in any way, shape, form or fashion to produce income, then that income will be "a form of" farming income. It all gets reported on SCH F as a part of your personal 1040 tax return. Doesn't matter if that personal return is a joint return with your spouse either.
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