Inherited farm this year (Illinois) and moving to Missouri or Kansas next year. Implications for near and long term taxes for the farm income? I am currently retired, not collect SS yet.
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Hi Steve1111,
Thank you for your question.
Income from Farming will be reported on Schedule F on your Federal tax return, Form 1040.
Please refer to Publication 225 - Farmer's Tax Guide https://www.irs.gov/publications/p225
Since the farm is located in another state, you would need to prepare a tax return for your non-resident state and for your resident state.
Have a great day!
Hi Steve1111,
Thank you for your question.
Income from Farming will be reported on Schedule F on your Federal tax return, Form 1040.
Please refer to Publication 225 - Farmer's Tax Guide https://www.irs.gov/publications/p225
Since the farm is located in another state, you would need to prepare a tax return for your non-resident state and for your resident state.
Have a great day!
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