The National Association of Tax Professionals

The National Association of Tax Professionals

Schedule F

  • Topic(s): Business
  • Presenter(s): Susan Floyd
  • Session#: 934-44
  • Session Length: 100 min
  • Program: NATP National Conference 2014
  • Date: Aug 11, 2014
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Schedule F - Details:

Farm returns are unique in the income tax world. One of the first things you need to determine is whether your client has a for-profit farm or a hobby farm. This session discusses sources of farm income (such as farm program payments and farm byproducts), common farm expenses and credits, income averaging, domestic production activities deduction, the rules regarding excess farm losses, how the uniform capitalization rules apply to farms, and the unique depreciation rules for farm property. We use an example tax return with unique farm situations for illustrative purposes.