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k1ttypatch
New Member

Limited use as rental property

If I allowed a cattle rancher to put his cattle on my land for $3000 does that make my land a rental property?
1 Reply
Cattlerancher
New Member

Limited use as rental property

Yes it does. You rented the pasture land. The good news is you can deduct any expenses associated with this income, (real estate tax, insurance, fencing material, farm buildings, etc.) 

When you receive a monetary (cash) payment as rental income, even if from a farm, it is entered under Rental Property and Royalties (schedule E). Be sure not to use Farm Rental (form 4835) as this is for share crop rental income only.

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