I have always filed my Alpaca Farm business under schedule C.. is there a reason I cannot continue to do this?

sgalpcas — Mon, 03 Jun 2019 19:17:21 GMT

Your farm should be reported on Schedule F. Use Schedule...

Coleen3 — Mon, 03 Jun 2019 19:17:22 GMT

Your farm should be reported on Schedule F.

Use Schedule F (Form 1040) to report farm income and expenses. File it with Form 1040, 1040NR, 1041, 1065, or 1065-B.

Your farming activity may subject you to state and local taxes and other requirements such as business licenses and fees. Check with your state and local governments for more information.

Additional information. Pub. 225 has more information and examples to help you complete your farm tax return. It also lists important dates that apply to farmers.

Anyone actively engaged in farming activities must file Schedule F along with the standard Federal Income Tax form 1040. The form itself is similar to Schedule C except it contains special items pertinent only to farmers as business owners. The form starts with a declaration of accounting method, cash or accrual, for the tax year. Following this declaration, farmers must then fill in certain sections of the form depending on the accounting method used.

topic I have always filed my Alpaca Farm business under schedule C.. is there a reason I cannot continue to do this? in Business & farm

I have always filed my Alpaca Farm business under schedule C.. is there a reason I cannot continue to do this?

Your farm should be reported on Schedule F. Use Schedule...