(cross-posted to farmersHi! I'm filling out a Schedule F for the first time, and I've run into some confusion right at the beginning that I'm hoping someone here can help me with
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You bought chicks to resale as either "livestock" or "other items". It basically means anything you bought to later sell, whether you want to call your packaged meat "livestock" or not. What you sold them for goes in line 1 and the original cost goes in line 2.
You are trying to out-think it, when it really isn't that complicated.
Find a tax preparer that handles small farms, and pay them to prepare your return, at least for this first year. Then check out what they did on your forms.
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You are trying to out-think it, when it really isn't that complicated.
Find a tax preparer that handles small farms, and pay them to prepare your return, at least for this first year. Then check out what they did on your forms.
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