Instructions For Schedule F - Profit Or Loss From Farming

Department of the Treasury

Internal Revenue Service

2017 Instructions for Schedule F

Profit or Loss

Use Schedule F (Form 1040) to report farm income and expenses. File it with Form

1040, 1040NR, 1041, 1065, or 1065-B.

From Farming

Your farming activity may subject you to state and local taxes and other require-

ments such as business licenses and fees. Check with your state and local governments

for more information.

Additional information. Pub. 225 has more information and examples to help you

complete your farm tax return. It also lists important dates that apply to farmers.

Section references are to the Internal Revenue Code unless

Pub. 225 for more information on how to report various farm

otherwise noted.

losses, such as losses due to death of livestock or damage to

crops or other farm property.

Future Developments

Form 4797 to report sales, exchanges, or involuntary

conversions (other than from a casualty or theft) of certain farm

For the latest information about developments related to Sched-

property. Also use this form to report sales of livestock held for

ule F (Form 1040) and its instructions, such as legislation enac-

draft, breeding, sport, or dairy purposes.

ted after they were published, go to IRS.gov/ScheduleF.

Form 4835 to report rental income based on crop or

livestock shares produced by a tenant if you didn't materially

What's New

participate in the management or operation of a farm. This

income isn't subject to self-employment tax. See Pub. 225.

Form 6198 to figure your allowable loss if you have a

Employee retention credit. Disaster tax relief was enacted for

business loss and you have amounts invested in the business

those impacted by Hurricane Harvey, Irma, or Maria, including

for which you aren't at risk.

an employee retention credit. See Pub. 976, Disaster Relief, for

Form 8582 to figure your allowable loss from passive

more information.

activities.

Standard mileage rate. The standard mileage rate for busi-

Form 8824 to report like-kind exchanges.

ness use of your vehicle for 2017 is 53.5 cents per mile.

Form 8903 to take a deduction for income from domestic

General Instructions

production activities.

Single-member limited liability company (LLC). Generally,

a single-member domestic LLC isn't treated as a separate entity

Other Schedules and Forms You May Have

for federal income tax purposes. If you are the sole member of

To File

a domestic LLC engaged in the business of farming, file

Schedule F (Form 1040). However, you can elect to treat a do-

Schedule E (Form 1040), Part I, to report rental income

mestic LLC as a corporation. See Form 8832 for details on the

from pastureland based on a flat charge. However, report on

election.

Schedule F (Form 1040), line 8, pasture income received from

Heavy highway vehicle use tax. If you use certain highway

taking care of someone else's livestock. Also use Schedule E

trucks, truck-trailers, tractor trailers, or buses in your farming

(Form 1040), Part I, to report farm rental income and expenses

business, you may have to pay a federal highway motor vehicle

of a trust or estate based on crops or livestock produced by a

use tax. See the Instructions for Form 2290 to find out if you

tenant.

owe this tax and go to

IRS.gov/Trucker

for the latest develop-

Schedule J (Form 1040) to figure your tax by averaging

ments.

your farm income over the previous 3 years. Doing so may

reduce your tax.

Information returns. You may have to file information re-

Schedule SE (Form 1040) to pay self-employment tax on

turns for wages paid to employees, certain payments of fees

income from your farming business.

and other nonemployee compensation, interest, rents, royalties,

Form 3800 to claim any general business credits.

real estate transactions, annuities, and pensions. For details, see

Form 4562 to claim depreciation (including the special

Line F later, and the 2017 General Instructions for Certain In-

allowance) on assets placed in service in 2017, to claim

formation Returns.

amortization that began in 2017, to make an election under

If you received cash of more than $10,000 in one or more

section 179 to expense certain property, or to report

related transactions in your farming business, you may have to

information on vehicles and other listed property.

file Form 8300. For details, see Pub. 1544.

Form 4684 to report a casualty or theft gain or loss

involving farm business property, including purchased

Reportable transaction disclosure statement. If you entered

livestock held for draft, breeding, sport, or dairy purposes. See

into a reportable transaction in 2017, you must file Form 8886

F-1

Dec 14, 2017

Cat. No. 17152R

Instructions For Schedule F - Profit Or Loss From Farming - 2017

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