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I sold hay off of a vacant farm property I own. Is that income taxable?

Forum|Forum|7 years ago
June 1, 2019
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Received a total of $724 from hay sale off of vacant property I own in 2016. Where do I report that on my income?

Best answer by Cattlerancher

Did you cut and bale the hay with your equipment? If so, you would enter this as Farm Income (self employment). The good news is that you can deduct the cost of fuel, repairs and depreciate your equipment.

If you feel that this was a one time event, not a business, you could enter the income on line 21 of the 1040, (misc income). This would report it as hobby income, but your expenses can only be entered on schedule A (itemized deductions)

C

CattlerancherAnswer

Employee

Did you cut and bale the hay with your equipment? If so, you would enter this as Farm Income (self employment). The good news is that you can deduct the cost of fuel, repairs and depreciate your equipment.

If you feel that this was a one time event, not a business, you could enter the income on line 21 of the 1040, (misc income). This would report it as hobby income, but your expenses can only be entered on schedule A (itemized deductions)