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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 -
@alcinalee
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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