turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

hrs431
New Member

If i had farm income from previous tax year but none this year can i just do a standard return?

on my last tax return i showed farm income from livestock and forestry management, but this tax year i have none from either but i have a negative carry over from last years taxes. can i just do a standard 1040 this year?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

If i had farm income from previous tax year but none this year can i just do a standard return?

If you claimed farm income and expenses in the past years but had no profit, that may be a red flag to the IRS.

To end your for-profit farm business in TT, you need to report in the Farm Income and Expense section that "In 2016, you sold or otherwise disposed of this farm". Then edit all business assets to report how you disposed of the asset, (sold, converted to personal property, etc.). This way TT will stop asking you about your farm income next year.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Manage cookies