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Yes, you may report expenses relating to your farm preparation and livestock maintenance, even if you had no income. These are considered "Startup Costs" and you can expense up to $5,000 in startup costs in the year that your business begins.
However, if you did not consider yourself "open for business" until the next year, you would wait to expense your startup costs on next year's tax return.
Additional Information:
Yes, you may report expenses relating to your farm preparation and livestock maintenance, even if you had no income. These are considered "Startup Costs" and you can expense up to $5,000 in startup costs in the year that your business begins.
However, if you did not consider yourself "open for business" until the next year, you would wait to expense your startup costs on next year's tax return.
Additional Information:
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