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jcr0642
New Member

Deductions for small farm expenses

building and supplies for raising sheep
1 Reply
_Beancounter
Level 3

Deductions for small farm expenses

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Forms/What-is-Schedule-F--Profit-or-Loss-from...

The building would be a capital asset. You should depreciate the building. Form 4562

Supplies such as small tools, feed, fertilizer to raise feed, etc. may be expensed on Sch. F.

I am assuming you are raising the sheep to sell "for profit."

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