I rent my farm and receive a single cash payment. I do not participate in the farming. Do I need to use form 8435?. The renter uses the land for hay

[Phillip1]

Yes.

The income from renting your farm land is taxable income. Farm rental income is reported on Form 4835.

[Cattlerancher]

No, you do not use Farm Rental (form 4835) when you receive a cash payment as rental income, even from a farm. Use Rental Property and Royalties (schedule E). Please see the page snip below;