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kd1985-
New Member

Purchsed 40 Arces in 2017. the leasee has 2 years on Lease.Witch form do i put the case rent on? I currently farm..

 
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Cattlerancher
New Member

Purchsed 40 Arces in 2017. the leasee has 2 years on Lease.Witch form do i put the case rent on? I currently farm..

From the third sentence in your question, I guessing you are asking; "Which form do I put the cash rent on?"

 If so, cash rent received from farm land is entered on schedule E as rental income. Be sure to include all your expenses of ownership including 2017 real estate taxes, insurance and any interest paid on a loan for the land. 

I see you are using TurboTax Business. Be sure you are using the right version. For schedule F you will need TurboTax Home & Business.

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3 Replies
Carl
Level 15

Purchsed 40 Arces in 2017. the leasee has 2 years on Lease.Witch form do i put the case rent on? I currently farm..

What you do doesn't matter. What "exactly" are you renting out? Farmland that is being used for farming or cattle raising? If so, all this gets reported on SCH F as a part of your personal return. @Cattlerancher can you step in here please if it's confirmed to be leasing out land for farming? I'm not familiar enough with SCH F if that's the case, and don't want to provide conflicting information.
TaxGuyBill
Level 9

Purchsed 40 Arces in 2017. the leasee has 2 years on Lease.Witch form do i put the case rent on? I currently farm..

Is the leasee only paying you money for the land, or are you getting a portion of the crops?
Cattlerancher
New Member

Purchsed 40 Arces in 2017. the leasee has 2 years on Lease.Witch form do i put the case rent on? I currently farm..

From the third sentence in your question, I guessing you are asking; "Which form do I put the cash rent on?"

 If so, cash rent received from farm land is entered on schedule E as rental income. Be sure to include all your expenses of ownership including 2017 real estate taxes, insurance and any interest paid on a loan for the land. 

I see you are using TurboTax Business. Be sure you are using the right version. For schedule F you will need TurboTax Home & Business.

View solution in original post

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