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Which program do I file under to get right offs on small hobby farm deluxe premier ? I have some animal losses as well . I never made any income just loss?
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Which program do I file under to get right offs on small hobby farm deluxe premier ? I have some animal losses as well . I never made any income just loss?
You would have to use Turbo Tax Self-employed. Farm Income and deductions got on schedule F.
Caution: Only a farm operated as a business can deduct losses. The IRS looks at several factors. For more information see: IRS-Hobby or Business
More information from Turbo Tax
If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines “farmer” in a very broad sense—whether you grow crops, raise livestock, breed fish or operate a ranch.
Deductible farming expenses
You can deduct any cost you incur that's an ordinary and necessary expense of farming on Schedule F to reduce the profit—or increase the loss—on which you'll owe taxes. Some of the expenses that farmers commonly deduct cover the cost of livestock and feed, seeds, fertilizer, wages paid to employees, interest paid during the year on farm-related loans, depreciation to recover a portion of equipment costs, utilities and insurance premiums.
Schedule F ultimately computes the net farming profit or loss that gets reported on the designated line of your 1040. If you have a profit or a loss, it gets combined with the other non-farming income reported on your return and increases your taxable income. When you suffer a net operating loss—meaning you paid more in expenses than you earned for all of your income sources including non-farm income—you can use it to offset future farming profit.
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Which program do I file under to get right offs on small hobby farm deluxe premier ? I have some animal losses as well . I never made any income just loss?
You would have to use Turbo Tax Self-employed. Farm Income and deductions got on schedule F.
Caution: Only a farm operated as a business can deduct losses. The IRS looks at several factors. For more information see: IRS-Hobby or Business
More information from Turbo Tax
If you earn a living as a self-employed farmer, you may need to include a Schedule F attachment with your tax return to report your profit or loss for the year. The Internal Revenue Service defines “farmer” in a very broad sense—whether you grow crops, raise livestock, breed fish or operate a ranch.
Deductible farming expenses
You can deduct any cost you incur that's an ordinary and necessary expense of farming on Schedule F to reduce the profit—or increase the loss—on which you'll owe taxes. Some of the expenses that farmers commonly deduct cover the cost of livestock and feed, seeds, fertilizer, wages paid to employees, interest paid during the year on farm-related loans, depreciation to recover a portion of equipment costs, utilities and insurance premiums.
Schedule F ultimately computes the net farming profit or loss that gets reported on the designated line of your 1040. If you have a profit or a loss, it gets combined with the other non-farming income reported on your return and increases your taxable income. When you suffer a net operating loss—meaning you paid more in expenses than you earned for all of your income sources including non-farm income—you can use it to offset future farming profit.