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Cattlerancher
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- Got Cheered for Sorry but no, you cannot claim rental expenses or depreci.... April 16, 2022 2:30 PM
- Got Cheered for Yes. If the payment you receive is a monetary (cash) paym.... May 16, 2021 7:24 PM
- Got Cheered for If you don't operate a farm and you have not in previous.... February 26, 2021 8:11 PM
- Got Cheered for From what you have said, it sounds like you have taken th.... February 10, 2021 8:44 AM
- Got Cheered for Ouch! That's what I call a wreck on our place. If you are.... February 7, 2021 12:19 PM
- Got Cheered for Sure. You will take each asset and divide it's cost basis.... May 27, 2020 6:15 AM
- Got Cheered for I don't know what version of TurboTax you are using to gu.... May 5, 2020 2:22 PM
- Got Cheered for It appears you are using TurboTax Premier desktop/CD. If.... April 18, 2020 9:06 AM
- Got Cheered for Farm land rented for cash goes directly onto schedule E..... March 14, 2020 2:31 PM
- Got Cheered for Yes. There are two different ways to enter your 1099-misc.... March 6, 2020 5:44 AM
- Posted When you say you have a small business with income and ex... on Deductions & credits. June 7, 2019 4:17 PM
- Posted As a farm business you only need to file a schedule F, no... on Business & farm. June 7, 2019 3:36 PM
- Posted Well done answer, this is done often in the farming commu... on Get your taxes done using TurboTax. June 7, 2019 3:34 PM
- Posted Safety deposit box rental fees are deductible under Retir... on After you file. June 7, 2019 3:02 PM
- Posted This should be better defined in TurboTax; (Edited 4-10-1... on Business & farm. June 7, 2019 3:01 PM
- Posted No, you do not need an EIN unless you hire employees. Ple... on Investors & landlords. June 6, 2019 7:07 AM
- Posted How you enter the purchase of this calf depends on why yo... on Get your taxes done using TurboTax. June 6, 2019 6:40 AM
- Posted If you maintain an orchard, nut trees or operate a greenh... on Investors & landlords. June 6, 2019 6:33 AM
- Posted Texas Roger has it correct with one exception. Date of de... on Get your taxes done using TurboTax. June 6, 2019 6:19 AM
- Posted If you operate a for-profit farm business raising farm pr... on Get your taxes done using TurboTax. June 6, 2019 6:06 AM
June 7, 2019
4:17 PM
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.
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June 7, 2019
3:36 PM
As a farm business you only need to file a schedule F, not both.
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June 7, 2019
3:34 PM
Well done answer, this is done often in the farming community----
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June 7, 2019
3:02 PM
Safety deposit box rental fees are deductible under Retirement and Investments, Other Investment Expenses. View the page snip below;
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June 7, 2019
3:01 PM
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)
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June 6, 2019
7:07 AM
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;
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June 6, 2019
6:40 AM
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.
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June 6, 2019
6:33 AM
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.
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June 6, 2019
6:19 AM
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.
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June 6, 2019
6:06 AM
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.
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