About Cattlerancher

Cattlerancher · ‎June 7, 2019

When you say you have a small business with income and expenses, this is the definition of self employment. The only online version that will support self employment forms is called Self Employed. If you use the desktop versions of TurboTax, they all support self employment. The Home and Business gives the most help. Sometime just a software update can have the appearance of a new devise to a secured web site. So just let it know to recognize you when you log in next time.

Cattlerancher · ‎June 7, 2019

As a farm business you only need to file a schedule F, not both.

Cattlerancher · ‎June 7, 2019

Well done answer, this is done often in the farming community----

Cattlerancher · ‎June 7, 2019

Safety deposit box rental fees are deductible under Retirement and Investments, Other Investment Expenses. View the page snip below;

Cattlerancher · ‎June 7, 2019

This should be better defined in TurboTax; (Edited 4-10-17) New Asset means "The original use of the property must begin with you". (brand new)

Cattlerancher · ‎June 6, 2019

No, you do not need an EIN unless you hire employees. Please note; If you receive a 1099-MISC with an amount in box 1 for rental income, you report this income in Rental Properties and Royalties (schedule E). Be sure to include any expenses associated with this income (RE taxes, insurance, etc.) Farm Rental Income (form 4835) is only used when you receive a percentage of the crop as rental income, known as "share cropping". Please see page snip below;

Cattlerancher · ‎June 6, 2019

How you enter the purchase of this calf depends on why you bought it. Your plans for the calf. If you bought it to grow the calf for weight gain and then resell it, you enter the cost of the calf on line 1b, the gross proceeds on 1a and the net gain/loss on 1c of schedule F in the year you sell it. If you bought the calf to breed when it reaches maturity, you enter your original cost as an asset in the year you expose it to the opposite sex (generally two years of age). This is when you "place it into service of your business as breeding stock". If you bought the calf to raise as back yard beef, it's not a deductible farm business expense.

Cattlerancher · ‎June 6, 2019

If you maintain an orchard, nut trees or operate a greenhouse for trees it is surely a depreciating asset in business. Claiming tractor use on forest or timber land is a grey area. They grow with no cultivation and generally no income for decades. If it is used to maintain rental property, it can be a "usual and ordinary business expense", depending on the rental. If it is used partly for personal use, you can just take a percentage of the tractor cost as business use and still depreciate it. You would depreciate the tractor in your Rental Property section. Find the asset entry section for that rental. I have included a page snip below though I know it's a little different than your Premier version. I'm using H&B.

Cattlerancher · ‎June 6, 2019

Texas Roger has it correct with one exception. Date of death stepped up cost basis applies to breeding stock and calves, the sale of cows and bulls (breeding stock) are reported on form 4797, part 1 (Long term capital gain, business property using DofD cost basis). The sale of calves would be reported on schedule F as earned income, on line 1a,b,and c (calves purchased for resale) using DofD cost basis as your cost on 1b. This is assuming they are continuing the farm business themselves and will sell the calves at a later date than DofD.

Cattlerancher · ‎June 6, 2019

If you operate a for-profit farm business raising farm products you file a schedule F only. Profits are called earned income and subject to SE tax. Form 4835 is only used when you receive rental income from a farm in the form of a percentage of the crops raised on that farm, otherwise known as share crop income. This form flows to schedule E. Schedule E is only used to report rental income paid to you in a monetary payment.

Date Registered	‎May 31, 2019 5:32 PM
Date Last Visited	‎June 3, 2019 5:15 PM
Total Messages Posted	415
Total Cheers Received	5

When you say you have a small business with income...

As a farm business you only need to file a schedul...

Well done answer, this is done often in the farmin...

Safety deposit box rental fees are deductible unde...

This should be better defined in TurboTax; (Edited...

No, you do not need an EIN unless you hire employe...

How you enter the purchase of this calf depends on...

If you maintain an orchard, nut trees or operate a...

Texas Roger has it correct with one exception. Dat...

If you operate a for-profit farm business raising ...