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Greensboro North Carolina online Form 4835: What You Should Know

Your federal tax return must include your rental income and expenses for each income-producing year. Rental income means money you receive from renting to tenants for your personal use or for business on your ranch or farm.  Deductible expenses include amounts for mortgage/rent, property taxes, insurance, gasoline, supplies, repairs, water, sewer or other utilities that are necessary to run your business, including those that you use for personal use or for business. The following are examples of what can make for a good rental: • Your home • Equipment bought, built or rented from your employer • Equipment you lease from someone else Many farm businesses are not able to deduct the amount of your mortgage interest, property taxes, insurance premiums, utility bills and other rental costs. Rentals made on a cash basis do not make for a good rental. If you are not able to deduct your rental income from the rental of crops, a rental income business will have to file a Schedule C (Form 1040) as a business expense. Schedule C is used for businesses that report income as a business. Farm Rental Income Tax Deduction There is no federal deduction for farm rental income. You have to file Form 5498, Deduction for Farm Rental Income. For more information on this topic, see: “Crop and Livestock Properties Rentals” Form 5498, Deduction for Farm Rental Income — USPTO For a complete list of the different types of property that can be rented (see “Farm Rental Property Properties” from USPTO, or “Farm Rental Property” from National Agricultural Library (NAL).  If you can be classified as a business (see “Rentals Made on Cash Basis do not make for a Good Rental”) you must file Form 4684, Business Profit or Loss From Farming. Form 4684 may also be used to claim a deduction under section 179 of the Internal Revenue Code.  Farm Rental Sales for Business Income If your farming business generates 75,000 or more in gross income in a year from rental and sale of property, and you do not use the business as a principal purpose or as a principal place of business, you may be required to pay income tax on the profits you make.

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