I am one heir amongst others to a farm. I received a K-1 (1041). I very much, materially participated in the farming activities. I want to report these farming activities as a "self employed." I found this, "If you materially participated in a farm business and received a Schedule K-1 (Form 1041) from an estate or trust, you must report your star of the income on Schedule F (Form 1040)." Am I not also suppose to report this on Sch E, pt2? When I do both of these, it doubles my farm income.
My job is this farm. Just so happens that I am compensated through a 1041 K-1. I need to file this as self-employed income for health policy and investment reasons.
Thank you
