Yes, you should include two Schedules F on your jointly filed Federal tax return. By filing this way, your farm is electing to be a Qualified Joint Venture for tax purposes (see this link for more info: Election for Married Couples Unincorporated Businesses). Also, this allows both spouses to receive credit for social security and Medicare coverage purposes.
The IRS has certain rules for reporting this way, including the requirement that you both materially participate in the running of the farm. Also, you must share the income, expenses, deductions, etc., in accordance with each spouse's interest in the farming business. Be sure you indicate that the "taxpayer" is the owner of one Schedule F and the "spouse" is the owner of the other.
Yes, you should include two Schedules F on your jointly filed Federal tax return. By filing this way, your farm is electing to be a Qualified Joint Venture for tax purposes (see this link for more info: Election for Married Couples Unincorporated Businesses). Also, this allows both spouses to receive credit for social security and Medicare coverage purposes.
The IRS has certain rules for reporting this way, including the requirement that you both materially participate in the running of the farm. Also, you must share the income, expenses, deductions, etc., in accordance with each spouse's interest in the farming business. Be sure you indicate that the "taxpayer" is the owner of one Schedule F and the "spouse" is the owner of the other.