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jetcc1935
New Member

Since I have an Ag Timber exemption, how do I show expenses and sales?

 
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2 Replies
LauraVF
New Member

Since I have an Ag Timber exemption, how do I show expenses and sales?

If you are in the business of owning farmland and farming operations, you must file your federal taxes by using Schedule F on your federal income tax return. Your sales and expenses will go in Part I and Part II on schedule F.

Please note that TurboTax Deluxe does not support Schedule F, you will need to upgrade to TurboTax Self Employed or TurboTax Live if you prefer online products. Please see below for instructions to find Schedule F.


If your business is an Agricultural or Horticultural Organization

Your income and expenses go 
on part 1 of form 990. 
Your Ag (agricultural) timber exemption relates to a tax-exempt organization, and the IRS requires you to file form 990. This form is not available in TurboTax products, but you can find it on the IRS website, along with instructions by following this link.

Please see additional information on the life cycle of an Agricultural or Horticultural Organization here

Follow these steps to find schedule F on TurboTax:

TurboTax Online

  1. Sign In
  2. Select "Take me to my return"
  3. On the bottom of the navigation panel on the left,  Click on "Tax Tools" and "Tools" 
  4. Go to "Topics Search" and type " Farm or "Schedule F" on the search bar, select "farm (schedule f)" from the options and click "GO"
  5. TurboTax will take you to schedule F on of your federal return. Enter information as needed.

TurboTax Desktop

  1. Open TurboTax and open your return
  2. Select "Take me to my return" 
  3. On the search box located on the top, right corner of your screen, type "farm" and click "Find"  
  4. Select the option "jump to farm (schedule f)", and enter information as needed.

 [ EDITED 1/11/2018 | 6 pm EST]

LauraVF
New Member

Since I have an Ag Timber exemption, how do I show expenses and sales?

I have edited the answer above, please read.
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