I own an operating farm operated by my daughter but collected no rent. I paid the taxes, insurance, etc. How do I report this? Schedule f or e or something else?

snyd4886 · ‎June 3, 2019

CherylW · ‎June 3, 2019

If you have an operating farm, that means you have other income from sales of livestock or crops.

You'll use a Schedule F for that.

To input it into Turbo Tax Self Employed:

1. Click Federal on the left-hand side menu.

2. Click Income & Expenses across the top.

3. Scroll down to Rentals, Royalties, and Farm and click Show more.

4. Click Start or Revisit by Farm Income and Farm Rental.

Choose I have income from operating a farm.

View solution in original post

snyd4886 · ‎June 3, 2019

Income from crop sales all went to my daughter. I had no income from the farm and no rent collected

CherylW · ‎June 3, 2019

If you didn't have any income, then you have no income to take your expenses off against. Expenses are used to produce income. Since you didn't have any income, you generally can't write those expenses off.

If your daughter received farm income and the expenses are used to help her receive that income, then she could write them off against her farm income, assuming it's the same farm.

snyd4886 · ‎June 3, 2019

Thank you! I presume then that I will not have to fill out either schedule F or E.

I own an operating farm operated by my daughter but collected no rent. I paid the taxes, insurance, etc. How do I report this? Schedule f or e or something else?

Investors & landlords

Investors & landlords

Investors & landlords

Investors & landlords