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richard-d-joyce
New Member

I maintained 12 acres out 18 thinking I would plant new for trees. I retired 8 years ago but filed a Schedule F with zero income. Can I just stop filing a Schedule F?

The fir trees currently on the property are not high quality timber. There is some value but still not harvestable for another 10 years. I built a 12x20 farm office which I declare on my schedule f which is where most of my loss each year comes from.  Since I'm not really doing anything with the property, I feel I should stop filing schedule F but turbo tax still wants this info.

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Accepted Solutions
KarenJ
Intuit Alumni

I maintained 12 acres out 18 thinking I would plant new for trees. I retired 8 years ago but filed a Schedule F with zero income. Can I just stop filing a Schedule F?

You can always stop filing Schedule F.  If you are only claiming losses and you do not intend to make a profit, you may wish to stop filing Schedule F.  However, make sure that you are not getting an exemption from property taxes for agricultural use as Schedule F would support your exemption.

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1 Reply
KarenJ
Intuit Alumni

I maintained 12 acres out 18 thinking I would plant new for trees. I retired 8 years ago but filed a Schedule F with zero income. Can I just stop filing a Schedule F?

You can always stop filing Schedule F.  If you are only claiming losses and you do not intend to make a profit, you may wish to stop filing Schedule F.  However, make sure that you are not getting an exemption from property taxes for agricultural use as Schedule F would support your exemption.

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