Posted by Andy Martin on July 28, 2020 at 20:27:17 from (209.213.149.60):
In Reply to: Hobby farm posted by Howard Parker on July 28, 2020 at 09:03:07:
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A little more information is great. As others have said you can file Schedule F with your 1040 but you need to show a profit every 3 to 5 years. Once again, get a CPA to at least help you get started.
If you never make a profit and are classified as a Hobby Farm (that is an IRS designation) you can still deduct costs but only to the point you have no profit left. It's pretty easy to use up all your profit in costs on a small operation.
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