Question

I started raising beef cattle aside from my full time job. What all can I write off? I have not had any profit yet but did have to purchase farm equipment. Deductions?

Forum|Forum|5 years ago
February 2, 2021
1 reply
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What all deductions can I write off?

TurboTax Live Deluxe Online

You would need to file a Schedule F (Farm). You can deduct start-up costs. Please see this link PUB 535 for more information.

Startup costs come from investigating the creation or acquisition of an active trade or business. They are paid or incurred before the business opens its door.

Examples include:

- Market research

- Travel costs

- Salaries

- Consulting fees

- Accounting and legal fees

- Pre-opening advertising expenses, and

- Overhead

I started raising beef cattle aside from my full time job. What all can I write off? I have not had any profit yet but did have to purchase farm equipment. Deductions?

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