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sgalpcas
New Member

I have filed my Alpaca Farm under Schedule C for years, what are the implications of now filing a schedule F

I wasn't aware of Schedule F until this year.  F seems to be much less specific than C.  Also when i move over items still in depreciation the metrics appear different.. Barn went from a 39 year to a 20 year depreciation for example. And other Assets from 200db to 150... I am confused.
1 Reply
Cattlerancher
New Member

I have filed my Alpaca Farm under Schedule C for years, what are the implications of now filing a schedule F

If your business raises animals (except for cats and dogs) your income and expenses are to be reported on schedule F. To file a schedule F you must be a for-profit farm business. If you have been using schedule C, you are correct in changing over to F. The income and expense categories better apply to farm animals. The profits are taxed the same, SE tax applies to both. True there are some differences in depreciation. C uses 200% D/B, F uses 150% D/B. Farm building use a 20 year recovery period that C does not even offer. I still think you are on the right track to report on schedule F and change your depreciation over. Did you have a question I can help you with?

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