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This year I bought some cows and I want to deduct the expenses (raising cattle). do I claim that I have started a new business? or just claim deductions related to above

 
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ShawnaD
New Member

This year I bought some cows and I want to deduct the expenses (raising cattle). do I claim that I have started a new business? or just claim deductions related to above

In order to claim deductions, you'll want to report this as a Business or a Farm. Otherwise, it is considered a hobby. You can deduct hobby expenses, however, you cannot take a loss on a hobby, so you couldn't claim the deductions for the expense until you had a profit (or sold your cows).

Please see this link for more information: https://ttlc.intuit.com/replies/5675571

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