I have farm income of $5,952; expenses of $11,906, but TurboTax will only allow $5,952 in expenses. Is this correct? New for 2017. Please Help!
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I have farm income of $5,952; expenses of $11,906, but TurboTax will only allow $5,952 in expenses. Is this correct? New for 2017. Please Help!

 
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New Member

I have farm income of $5,952; expenses of $11,906, but TurboTax will only allow $5,952 in expenses. Is this correct? New for 2017. Please Help!

No changes in 2017 for deducting business expenses from income.

If this is all the income you have on your return, then you will have a Net Operating Loss (NOL) which can be carried back to the two previous years and apply it against taxable income for a refund.  The NOL can also be carried forward over the next 20 years, you do not need to carry back if you had no taxable income or find it more beneficial to just carry it forward.

If you do have other sources of income that you have not yet entered, then the balance of your expenses will deduct against the added income until either the expenses or the taxable income is reduced to zero.

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