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turboforme-terry
New Member

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

The expenses are hay, feed, the loss of a cow.
1 Best answer

Accepted Solutions
Cattlerancher
New Member

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

You may not qualify for filing a schedule F, if you are not operating a for-profit farm business (and/or raising backyard beef). It may be best for you to claim Hobby Income and Expenses and you would not have to upgrade to Self Employed.

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7 Replies
Texas Roger
Level 15

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

If you need Schedule F to enter your farm income and expenses, you must upgrade to Self Employed.
turboforme-terry
New Member

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

The expenses are more than the income, do you recommend we just let it go?
Texas Roger
Level 15

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

No you are required to enter all income and expenses on your tax return.
Cattlerancher
New Member

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

You may not qualify for filing a schedule F, if you are not operating a for-profit farm business (and/or raising backyard beef). It may be best for you to claim Hobby Income and Expenses and you would not have to upgrade to Self Employed.

Ok-66
Returning Member

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

Need to enter hay and feed and supplies for cattle

Ok-66
Returning Member

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

How do I find hobby income

DianeW777
Expert Alumni

We own a few cattle and have some farm expenses to deduct, however, I could not find a place to do this, can you help?

Hobby Income is entered as other income, unless it's actually a business. The full amount you received must be reported.  There is no expense allowed.

  • Beginning in 2018, under the Tax Cuts and Jobs Act (TCJA), hobby expenses can no longer be used as an itemized deduction.  
  1. Sign in to your TurboTax account.
  2. Click on Federal Taxes tab.
  3. Choose Wages and Income.
  4. Scroll down to Less Common Income and click Start to to right of Miscellaneous Income, 1099-A, 1099-C.
  5. See the image below

 

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