Farm Deferral

caseyrparker
caseyrparker Member Posts: 3 Newcomer
in Live Q/A Event

How do I report write offs for a farm deferral?

· Share on Twitter

Answers

  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 340

    Can you be a little more specific? When you say Farm Deferral are you asking about deferring property taxes on your farm? Or are you referring to Income Averaging for your farm? Currently our software does not support Income Averaging for a Schedule F.

    · Share on Twitter
  • caseyrparker
    caseyrparker Member Posts: 3 Newcomer

    Farm deferral i.e. feed for livestock, supplies etc to write off.

    · Share on Twitter
  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 340

    Hi,

    Thank you for the additional information. Keep in mind when you are using Income Averaging, you are reporting all your expenses and income, but your net income is averaged over time (generally, three years). So you report all your expenses for the year, even if you have a loss (expenses are greater than your income).

    However, we do not support Schedule J to report Income Averaging. You will need to use another service to do that.

    · Share on Twitter

Categories