We had a small amount of farm rental income. We did not materialy participate in any of the farming, we just rented the land. Where and what form/line does this get reported? Thanks
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- posted
17 years ago
Farm Income Reported Where?
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- posted
17 years ago
Use Form 4835.
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The farm rental income from Form 4835, line 32 gets carried to Schedule E, lines 40 and 41 (Part V), and from there to Form 1040, line 17.
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Frederick Lorca
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- posted
17 years ago
If you just rented the land, report it on Schedule E. You can include expenses incurred with the rental, e.g. property tax, to reduce the amount of tax you will owe on the income.
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17 years ago
if is share rent form 4835 if is cash rent then schedule E
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- posted
17 years ago
Perfect. Thanks for the help.
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- posted
17 years ago
Perfect. Thanks for the help.