Solved

I didnt sell any eggs this year on my farm , Can I skip Schedule F in 2016?

Forum|Forum|7 years ago
June 4, 2019
1 reply
0 views

I am almost done with TurboTax deluxe 2016, I have previously filed a schedule F, for poultry egg sales, but didn't do it this year. Can I skip schedule F this year?

TurboTax Deluxe Online

Best answer by Cattlerancher

The online version of Deluxe does not support schedule F, you will need to upgrade to Self Employed. If you operate a for-profit farm business you must report all your income and expenses, even if you have a loss. If you decide to close your farm business you need to report that in TurboTax and report how you disposed of each depreciating asset. Once that is done, TurboTax will stop asking you about your farm income and you no longer need to file a schedule F. If you sell some eggs in the future, you can report it as Hobby Income and Expenses. Please see page snip below;

C

CattlerancherAnswer

Employee

The online version of Deluxe does not support schedule F, you will need to upgrade to Self Employed. If you operate a for-profit farm business you must report all your income and expenses, even if you have a loss. If you decide to close your farm business you need to report that in TurboTax and report how you disposed of each depreciating asset. Once that is done, TurboTax will stop asking you about your farm income and you no longer need to file a schedule F. If you sell some eggs in the future, you can report it as Hobby Income and Expenses. Please see page snip below;