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We own 3 head of cattle, but no actual cattle company. We have little to no income from the cattle, but have feed expenses, breeding expenses, etc. Can we write this off our personal taxes rather than starting a business??

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Deluxe Online

Best answer by Cattlerancher

As hobby income, you can report the income on line 21 of the 1040 as misc income. The expenses are entered on schedule A. TurboTax has a convenient, specific entry place just for Hobby Income under Less Common Income, Miscellaneous Income. Please see page snip below;

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TWINMESQUITES

where is schedule a on this form

C

Cattlerancher

Employee

In TurboTax, it's under Deductions and Credits, Other Deductible Expenses.

C

CattlerancherAnswer

Employee

As hobby income, you can report the income on line 21 of the 1040 as misc income. The expenses are entered on schedule A. TurboTax has a convenient, specific entry place just for Hobby Income under Less Common Income, Miscellaneous Income. Please see page snip below;