Question

Schedule F

Forum|Forum|6 years ago
February 24, 2020
1 reply
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I live on 38 acres and have a farm income of only $500. I also manage 20 acres of our woods and mow 10 acres of fields. Does this qualify as a farm

ColeenD3

If you receive income for taking care of the property of others, it is not part of your farm.

L

ldmaher

I have a farm with income and expenses. When I enter the data, Schedule F line 9 is less than line 33, yet line 34 does not reflect a loss (it only reports zero). I have done this same thing in years' past, and a loss is always reflected on line 34. What am I doing wrong?

DaveF1006

There have been recent tax law changes that affect how you can claim farm losses. Under the new tax law, the old excess farm loss rule does not apply; losses are now subject to "excess business loss" limitations. Excess business losses are carried forward as part of the taxpayer's net operating loss (NOL) instead of claiming the loss on Schedule F.

This is briefly explained in this Turbo Tax article written by one of our Turbo Tax experts.it mentions this at the very last paragraph of the link.

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