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New Member
posted Jun 4, 2019 11:03:02 PM

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?

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New Member
Jun 4, 2019 11:03:03 PM

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.