Skip to main content
March 2, 2020
Solved

farm

  • March 2, 2020
  • 2 replies
  • 0 views

I own a farm but do not actively participate.  My cousin farms it and we share crops .  I have always reported on form 4835 and transferred to Schedule E.  Is this correct?

Best answer by DeanM15

If you are renting out your farm or farmland and receiving a share of the crops as the payment of the rent, then yes Form 4835 is the form to use to include the income and losses on your Schedule E and Form 1040.

 

You can see more about Form 4835 here.  

 

 

2 replies

DeanM15Answer
March 2, 2020

If you are renting out your farm or farmland and receiving a share of the crops as the payment of the rent, then yes Form 4835 is the form to use to include the income and losses on your Schedule E and Form 1040.

 

You can see more about Form 4835 here.  

 

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
April 12, 2024

If I own a farm with my brothers and we rent out the farm land can I deduct the taxes and the insurance we pay on the farm 

DaveF1006
April 12, 2024

Yes, if you report your portion of farm income from the farm, you may deduct taxes and insurance against the income of the farm.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"