#hobbyloss

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Note: This website is intended to provide general information about legal issues, crop insurance, farm policy, and other risk management issues and should not be construed as providing legal advice. It should not be cited or relied upon as legal authority. For advice about how the issues discussed here might apply to your individual situation, you should consult an attorney.

Welcome to the Maryland Risk Management Education Blog, provided by the University of Maryland Department of Agricultural and Resource Economics and features the work of the Maryland Crop Insurance Education program and the University of Maryland - MPowering the State's Agriculture Law Education Initiative, a University of Maryland Extension Signature Program. This blog provides readers with information on risk management issues important to Maryland agriculture, upcoming events, and new materials that may interest readers.

The “F” in Schedule F: Filing as a Farmer This Tax Season

Admin

Feb 28, 2018
5 min

The “F” in Schedule F: Filing as a Farmer This Tax Season

By Kelly Nuckolls This is not a substitute for legal or financial advice. See here for the site’s reposting policy. Most farmers and ranchers and their accountants are familiar with “farm” income and expenses and the “Schedule F” tax form for “farmers” only. But what if you are a new or beginning farmer or this is your first time filing taxes with farm-related income? How do you know whether or not you can count your income and expenses as “farm” income? There are some benef

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Frequently Asked Questions: What Exactly is a Hobby Loss?

Paul Goeringer

Aug 5, 2015
4 min

Frequently Asked Questions: What Exactly is a Hobby Loss?

This post should not be construed as legal advice or tax advice. I do not set myself out to be a tax expert, but at times I attempt to explain some aspects of tax law. Today we are going to discuss when you can take a business expense deduction on your taxes for your farm businesses. On the other hand, hobby losses and expenses from hobbies cannot be deducted from your income taxes (wouldn’t we all like to deduct expenses from our favorite pastimes on our taxes?). But when

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