You'll need to sign in or create an account to connect with an expert.
Yes, if this is a business and you file an income tax return claiming the income from your chicken farm.
Click on the following link to enter your business and expenses: Simply follow these steps to enter your income from self-employment.
If this is a hobby, yes, ordinary and necessary expenses incurred when engaging in a hobby by a taxpayer are deductible on Form 1040, Schedule A, line 23 but only up to the amount of the taxpayer’s income from the hobby. The deduction of hobby expenses is subject to the 2% of AGI limitation. What is the 2% rule?.
Click on Do I have to report hobby income?
To enter Hobby income and expenses:
A hobby, for tax purposes, is an activity not engaged in for profit or income. Any income from a hobby is reported on Form 1040, line 21;
Related Information:[Answer Edited inserted Form 1040, line 21... 1-30-17 5:44 am PST]
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Agately
New Member
april.supple
New Member
tomdavey
New Member
tomdavey
New Member
Sarmis
New Member