Solved: 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?
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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?

 
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Level 3

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?

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.

Choosehave income from operating a farm.


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Level 3

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?

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.

Choosehave income from operating a farm.


View solution in original post

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New Member

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?

Income from crop sales all went to my daughter.  I had no income from the farm and no rent collected
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Level 3

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?

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.
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New Member

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?

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