Hello.
I retired in August 2022 and have wages/pension income from that year. I also began farming and had quite a bit of expenses (purchases of tractor and other equipment). With the farm income only being about $2400 for 2022 tax year, can I use the new farm expenses to reduce my tax liability from the other income?
If you materially participate in the operation of a farm, a net loss that creates an NOL can be used to offset all other income.
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