Hi: I am just north of Houston that was a disaster zone. The area I have my hives on was not designated a federally disaster zone. We never had this much rain before. I am in agriculture (farming) as a pecan orchard and apiary.
I can not figure out how to take a business casualty or loss in TURBO Tax
if you are running a business, the loss becomes a business casualty loss
if personal or hobby, only if it occurred in and during a declared federal disaster. and then it becomes an itemized deduction
Thank you. I am in Agriculture (pecan orchard and apiary) I consider this a farming business. However I am very early in both and have not made any profit as of yet as the trees take about 8 years to produce and I have been constantly using my honey products to grow more hives. This has been a terrible loss for me as over the last 5 years I have almost $50000 invested with no income and a lot of loss.