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Self employed
Hi DHenke555,
There shouldn't be an impact. Just keep reporting the farm rental as you have been.
You may be thinking of the concept of a "Real Estate Professional", but
1) Just having a real estate license doesn't make you a Real Estate Professional by IRS rules - there are several other substantial requirements.
2) One of the main differences about being a Real Estate Professional is that your income/loss from rentals would be considered nonpassive. However, a rental of bare land with no services provided is not likely to generate a tax loss - there is no depreciation of land. So this may be largely a moot point for land rental.
Hope that information helps!
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‎October 27, 2021
10:14 AM