farm

[maevaucaha]

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?

[DeanM15 · Accepted solution]

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.  

[cowboys22]

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]

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