Question

Adding new business to existing business

Forum|Forum|5 years ago
February 15, 2021
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My wife started a new business under our existing farm business. Do I file schedule F for the new business or schedule C?

ColeenD3

What type of business? Does it conform to Schedule F?

You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. It also includes plantations, ranches, ranges, and orchards and groves.

If not, then use Schedule C.