Question

Schedule F Line 1B

I am using the turbo tax online software to do my taxes. Where would I enter the cost basis for my grain sales (line 1b of the schedule F).

If the grain you sold is from crops you planted then the cost is already reflected in your expenses, seed, fertilizer, equipment, etc.

If you actually purchased the grain for resale then you would enter that cost.

Sign into or open your TurboTax Account > Business tab or Scroll to Farm or Rentals, Royalties, and Farm > Show More > Farm Revisit/Update
- Or Search (upper right) for farm income and expenses > Press Enter > then Jump to...
Select under income Livestock, grain, produce, custom work, co-ops > Update
Enter the sales of livestock or other items bought for resale > Enter the Cost of Items Bought for Resale
- Enter the cost of your grain purchased for resale and not grain crops produced.
See the image below.