How should I report income associated with a farm that my husband and I purchased as an investment? We do not live on the farm and hire others to do the work.

[Cattlerancher · Accepted solution]

Sounds like you operate a farm business by hiring farm employees. If you grow or produce farm products on your farm you would file a schedule F. This would include listing your farm business assets for depreciation. Farm land is an investment and can never be depreciated. The buildings, machinery, and breeding livestock are depreciating business assets and listed in TurboTax. In TurboTax Farm Income and Expenses is where you report for a schedule F.