topic Question on tax status in Business & farm

Question on tax status

jGorm — Tue, 23 Mar 2021 21:58:53 GMT

do I list farm income and expenses as only farm or as a business also?

Re: Question on tax status

ColeenD3 — Tue, 23 Mar 2021 22:09:36 GMT

Your farm is your business. Enter everything on Schedule F.

Re: Question on tax status

jGorm — Tue, 23 Mar 2021 22:18:04 GMT

So when Turbo Tax software asks if I have business I should say yes and enter income and expenses there and when it covers section on farm enter the same information there as well? This were I am confused! I do understand the farm as a business but the correct place to enter the information has me confused. where should the information be entered correctly?

Re: Question on tax status

VolvoGirl — Tue, 23 Mar 2021 22:20:02 GMT

Only enter it in one place, one time. Just under Farm.

Re: Question on tax status

jGorm — Tue, 23 Mar 2021 22:22:41 GMT

thank you

Re: Question on tax status

MinhT1 — Tue, 23 Mar 2021 22:27:30 GMT

Farm income and expenses must be entered only in the Farm section of TurboTax. Do not enter again in the Business section.

Farm income and expenses are transferred by TurboTax to Schedule F.

Re: Question on tax status

jGorm — Sat, 19 Feb 2022 07:24:49 GMT

I have the small farm income and I know this should get listed on Schedule F, BUT when TurboTax asks if I have a business I should say NO? OR should the answer be YES for the business question?

If noThen only list information under the farm section?

Please help by clarifying how to handle this question?

Re: Question on tax status

PattiF — Sat, 19 Feb 2022 13:45:44 GMT

You would only list the farm income under the Farm Section. A Farm is considered separate from a business for income tax purposes.

Re: Question on tax status

jGorm — Sat, 19 Feb 2022 16:48:14 GMT

I have the small farm income and I know this should get listed on Schedule F, BUT when TurboTax asks if I have a business I should say NO? OR should the answer be YES for the business question?

If noThen only list information under the farm section?

Please help by clarifying how to handle this question?

Re: Question on tax status

jGorm — Sat, 19 Feb 2022 16:50:15 GMT

so I should select NO at the point that TURBOTAX asks for Business Income & expense...correct?

Re: Question on tax status

PattiF — Sat, 19 Feb 2022 17:02:27 GMT

Yes, select NO to Business Income and Expense.

Re: Question on tax status

jGorm — Sat, 19 Feb 2022 18:57:15 GMT

Thank you for the specific information...it helps a lot