Previously we had hired the work done on our farm in another state and declared both income and expenses related to the farm. We also paid the required amounts for self-employment taxes. This year we are no longer actively farming the ground and have no farming expenses or income from farm production. We are, instead, cash leasing the land to someone else to farm. Are we still considered self-employed and required to pay self-employment taxes on the rental amount? It would seem no different than renting out a house or condo for rental income. The rental amount for the land is entered on Form 4835 and flows to page 2 of Schedule E.
