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Can I deduct a farm loss on a 1040?

We have a small hay farm that sometimes yields a small profit. This year we have a small loss. Can I deduct that on the 1040?

Best answer by TomK2023

Yes.

To enter/edit/add farm income and expenses:

Open your return (or continue if open).
Click on “Take me to my return” if applicable.
Type “farm income and expenses” in Search box (upper right-hand corner of the screen)
Click on “Jump to farm income and expenses” link.
Proceed through screen prompts.

Yes.

To enter/edit/add farm income and expenses:

Open your return (or continue if open).
Click on “Take me to my return” if applicable.
Type “farm income and expenses” in Search box (upper right-hand corner of the screen)
Click on “Jump to farm income and expenses” link.
Proceed through screen prompts.

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