I have a small hobby farm and was wondering if I could deduct my costs for the livestock and I also sold some fresh eggs and canned produce in 2016 at our local farmer's

vickkie14 — Thu, 06 Jun 2019 09:20:14 GMT

@Cattlerancher

Carl — Thu, 06 Jun 2019 09:20:15 GMT

As a hobby farm, you can deduct your expenses (up to your...

Cattlerancher — Thu, 06 Jun 2019 09:20:17 GMT

As a hobby farm, you can deduct your expenses (up to your gross income) on schedule A, if you itemize.

Your only other option is to operate a for-profit farm business and file a schedule F but the requirements are you must make a profit at least 3 out of 5 years with the full intent to profit annually and have a reasonable potential to do so. Otherwise the IRS may claim your previous business years as a personal use hobby, which could create an unexpected large tax liability.

https://turbotax.intuit.com/tax-tools/tax-tips/Small-Business-Taxes/When-the-IRS-Classifies-Your-Bus...

topic I have a small hobby farm and was wondering if I could deduct my costs for the livestock and I also sold some fresh eggs and canned produce in 2016 at our local farmer's in Deductions & credits

I have a small hobby farm and was wondering if I could deduct my costs for the livestock and I also sold some fresh eggs and canned produce in 2016 at our local farmer's

@Cattlerancher

As a hobby farm, you can deduct your expenses (up to your...