Instructions For Schedule F printable pdf download

Department of the Treasury

Internal Revenue Service

2016 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

Form 4797 to report sales, exchanges, or involuntary

otherwise noted.

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

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

Future Developments

draft, breeding, sport, or dairy purposes.

Form 4835 to report rental income based on crop or

For the latest information about developments related to Sched-

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

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

participate in the management or operation of a farm. This

ted after they were published, go to

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

Form 6198 to figure your allowable loss if you have a

What's New

business loss and you have amounts invested in the business

for which you aren't at risk.

Form 8582 to figure your allowable loss from passive

Standard mileage rate. The standard mileage rate for busi-

activities.

ness use of your vehicle for 2016 is 54 cents per mile.

Form 8824 to report like-kind exchanges.

General Instructions

Form 8903 to take a deduction for income from domestic

production activities.

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

Other Schedules and Forms You May Have

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

To File

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

a domestic LLC engaged in the business of farming, file

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

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

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

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

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

election.

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

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

Heavy highway vehicle use tax. If you use certain highway

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

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

tenant.

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

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

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

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

owe this tax and go to

for the latest devel-

reduce your tax.

opments.

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

Information returns. You may have to file information re-

income from your farming business.

turns for wages paid to employees, certain payments of fees

Form 3800 to claim any general business credits.

and other nonemployee compensation, interest, rents, royalties,

Form 4562 to claim depreciation (including the special

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

allowance) on assets placed in service in 2016, to claim

Line

F, later, and the 2016 General Instructions for Certain In-

amortization that began in 2016, to make an election under

formation Returns.

section 179 to expense certain property, or to report

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

information on vehicles and other listed property.

related transactions in your farming business, you may have to

Form 4684 to report a casualty or theft gain or loss

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

involving farm business property, including purchased

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

Reportable transaction disclosure statement. If you entered

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

into a reportable transaction in 2016, you must file Form 8886

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

to disclose information if your federal income tax liability is af-

crops or other farm property.

fected by your participation in the transaction. You may have

to pay a penalty if you are required to file Form 8886 but do

F-1

Oct 19, 2016

Cat. No. 17152R

Instructions For Schedule F

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