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Level 1
March 2, 2020
Solved

farm

  • March 2, 2020
  • 3 replies
  • 65 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.  

 

 

3 replies

DeanM15Answer
Alumni - Intuit
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.  

 

 

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Level 2
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
Alumni - Intuit
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.

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