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Form 4835 Wilmington North Carolina: What You Should Know
Tax Department, North Carolina Tax Department, I'm not sure how much I can learn from this form from a state perspective, but it's a nice overview of the form. (Source: North Carolina Property Tax Commission) What to include on Form 4835 Schedule R — Farm Income and Expenses If you are filing a return for farmers, you must itemize your deductions in the state form. I'm going to keep you in suspense about that for a second for a second. If you don't have a separate return for farmers, you'll have to include all farm income and expenses on a Schedule R and all the farm losses and other business expenses on a Schedule O. I'll come to the idea of a separate return for farmers later in this post. One thing that is not on a separate return for farmers is taxes on your gross revenue. That's right. None of that income tax and excise tax is recorded on Form 4835. Now, this sounds complicated, but the idea is this. You are paying me a rent fee and, of course, you are also paying me for my time, effort, and expertise to manage your farm. I provide services like crop management, weed removal, pest control, and marketing. I am paid based upon a predetermined percentage of my cost of management, and I am not your landlord. You will pay tax on your rental income, just like any other landlord. Let me clarify that statement to put it differently. You are not “renting” my services, but rather I am a tenant on your farm who must rent to people. You are paying me a fee for my labor on your farm, but I have no control over how you earn that amount of rent. Your property taxes are not “rental property taxes,” as in, rent for a farm is property tax, not property income. If I were required to write you a check for 10,000 in order to pay for my labor, I think you'd get the idea that I'm not making more “rent” than what you would spend on the rent fee or what you could afford to pay on the rent. You want to pay me for what I can use a good portion of my rent for. Form 4835 Schedule R: Taxable Income and Other Expenses If you had received an income-tax return, you would be able to deduct all of your farm tax as a deduction on your tax return.
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