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Form 4835 Sandy Springs Georgia: What You Should Know
May 5, 2023 — As with all businesses, the IRS requires you to report the income and expenses involved with running that business, including a farm rental. Farm Rental Income and Expenses — Georgia Department of Revenue Locations · County Tag Offices Farm Rental Income and Expenses — Georgia Department of Revenue Locations · County Tag Offices Taxable Income from Farm Rentals When you're renting your farm, you might have to report farm rental income and expenses to the IRS. Taxable income from farm rentals is calculated in the following three sections: Payments for rentals Taxable income from gross rent Taxable income from sales If you own your own farm, this is your income. You report that income and expenses, and then pay the tax on any taxable income. You can also hire out parts of your farm to pay taxes on your gross income. How is Farm Rentals taxed? Farmers should pay rent to a tax-exempt person or organization. Tax-free payment is the rule for cash and farm inventory payments — farm equipment rental and sales. (If you don't want your farm equipment to be held tax-free you must report these amounts on Form 1099-R and Schedule C.) Farmers need to pay rent tax at the rate of 6.25% (1/8) of the gross rent. However, you have a choice of paying the rent rate at 12% or 18.4%. How Much Rent Can I Get? You can get farm rentals from anyone, but it depends on what type of rental the owner wants. (That depends on the type of rental.) Generally the rental is based on fair market value. Some farms do not accept cash as payment because they do not want that cash to be treated as gross income. However, they can accept other money in lieu of cash and rent payments. Most farm owners rent small or very small amounts of equipment on a regular basis. If you run a rental on a regular basis the owner will usually want to let you pay the rent at the lower rate. They can also make that less expensive by accepting less equipment. But if your rental is for a larger or more frequent rental, the owner likely wants you to pay full, fair market value rent. Also, if your rental has a price restriction, you want to be sure the owner can make that adjustment when rents decrease.
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