topic A friend sold a calf in my name for $397.02. I have no link to farming but need to report the income. HOw do I do that? in Get your taxes done using TurboTax

A friend sold a calf in my name for $397.02. I have no link to farming but need to report the income. HOw do I do that?

labonewlif3 — Sat, 06 Mar 2021 17:51:04 GMT

Re: A friend sold a calf in my name for $397.02. I have no link to farming but need to report the...

ToddL99 — Sat, 06 Mar 2021 18:53:49 GMT

To clarify your question, was this sale reported to you on a Form 1099-MISC or 1099-NEC? Who received the proceeds of the sale?

Re: A friend sold a calf in my name for $397.02. I have no link to farming but need to report the...

labonewlif3 — Sat, 06 Mar 2021 20:49:04 GMT

I did not receive a 1099. I receive the proceeds but not the 1099 from the sale barn.

Re: A friend sold a calf in my name for $397.02. I have no link to farming but need to report the...

ToddL99 — Sat, 06 Mar 2021 21:18:02 GMT

Did you make a profit on the sale of the calf, i.e. did you spend more that $397 to raise the calf (feed, vet costs, boarding, etc.)? If you didn't make a profit, you don't need to report the sale.

If you did not incur any costs to raise the calf, you can report the sale as "Other reportable income".

Type "other reportable income" in the search window (or in the Search Topic window for desktop versions)
Click on "jump to other reportable income (or "other reportable income" in the Search Topic results)
Answer "No" to "Did you receive any other wages?"
Select "Other reportable income" from the Miscellaneous income list
Select Add another Income item on the Other Miscellaneous Income Summary screen
Enter a Description and amount, then click on Continue

A corresponding amount will be entered on line 8 of Schedule 1 and Form 1004.

If you did incur costs to raise the calf, you can report the sale in the Stocks, Mutual Funds, Bonds and Other interview of Investment Income. "Calf" would be an "Other" type of investment.

Here is what the opening interview screen would look like for this type of sale (not a 1099-B):

Re: A friend sold a calf in my name for $397.02. I have no link to farming but need to report the...

SweetieJean — Sat, 06 Mar 2021 21:33:22 GMT

I read this differently. Since the friend appears to have been the owner, and she sold the calf herself, isn't the remittance of the funds to OP a gift? And how could she have sold it in his name, if he wasn't on the title (so to speak)?