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blstucky
New Member

After I entered my husband's cattle income and expense as a self-employed business, I saw the farming category in other income. What is the difference and how do you know?

 
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After I entered my husband's cattle income and expense as a self-employed business, I saw the farming category in other income. What is the difference and how do you know?

I think I miss read your question;

Business Income and Expenses reports on schedule C, (non-farm business).

Farm Income and Expenses reports on schedule F, (farm income only).

They are both self employment income and taxed the same.

If you entered farm income on schedule C, you need to change it to schedule F.



There are several sources of income from a cattle ranch.

The main source is raised calves which are earned income. Hay sales or Custom hire income, all earned income.

The sale of cows or bulls are different. The difference is whether they are raised breeding stock or purchased breeding stock. Their sale is entered into TurboTax differently and taxed differently. One is the sale of depreciating business property, the other is the sale of non-depreciated business property.

Other Income category is for income from a farm not otherwise listed.

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