Question

We bought farm land that we live on as well. We lease it out and share the costs and profits. We do not have a farm tax id. How do we file? 1040? Business? What????

Forum|Forum|4 years ago
December 29, 2021
1 reply
0 views

Lease out the farm land and share costs for crops, chemicals, seeds, etc.

TurboTax Online

Employee

You need to consult a local tax professional who can examine the details of your arrangement with whoever is doing the farming. The tax pro will then be able to tell you how to handle your taxes.

Hal_Al

Employee

I agree with rjs, more details are needed, and a consult with a pro is probably needed, at least for the first year.

You probably need form 4835 (https://www.irs.gov/forms-pubs/about-form-4835), but might need Schedule C (business), Schedule E (rental), Schedule F (farming) or even need to file a separate Partnership return (Form 1041).