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Brian99
February 28, 2025
Question

Can losses from a farm be used to offset W2 income in the same year? Where one spouse farms FT (no other job) and the other spouse farms and collects a W2 from a "day job"?

  • February 28, 2025
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    RobertB4444
    February 28, 2025

    Yes.  If the farm is a genuine business and attempt to earn income but still operates at a loss then the loss from the farm will carry over onto your 1040 as a negative number to offset any other income that you have there.

     

    @Brian99 

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