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Introduction to Schedule F Textbook (2021) - #21318

Introduction to Schedule F Textbook (2021) - #21318

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Farming is a unique industry with its own set of special tax issues. Knowing these special rules is essential for tax professionals preparing farm tax returns. This textbook focuses on individual income tax issues to help tax professionals new to preparing farm tax returns. You will learn how to properly prepare Schedule F, Profit or Loss From Farming, and other major related forms, which depreciation and accounting methods are available to farmers, and how to identify hobby farms.

View Table of Contents.

Topics include:

  • Completing Schedule F, Profit or Loss From Farming
  • Differentiating between cash and accrual methods as related to farm income and expense reporting
  • Identifying the sources of income generated from farming operations
  • Differentiating between taxable and tax-exempt government program payments
  • Identifying the unique timing of certain farm income and expenses
  • Identifying the proper reporting of farm-related income on Form 4797, Sales of Business Property
  • Completing Schedule J, Income Averaging for Farmers and Fishermen
  • Identifying the allowable expenses and deductions for farmers
  • Computing the amount of farming loss allowed under the loss limitation rules
  • Depreciation methods allowed for assets used in farming
  • Requirements for claiming §179 and bonus depreciation
  • Completing Schedule SE, Self-Employment Tax
  • Nine relevant factors in the regulations under §183 that can be used to determine whether a farm has a profit motive
  • Summarizing how to properly report the income and expenses from a farming activity that is determined to be a hobby

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 254 Pages

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