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Norwalk California online Form 4835: What You Should Know

As is all part of filing federal and state business income tax returns, reporting a farm rental income is absolutely one of the biggest chores that you will face. Farm rentals are a real expense and should be paid on time, but should also be treated as business income that you file and report on your federal and state income tax returns, even when your business is not actually generating any income. One of the biggest issues that you will encounter is determining “farm rental income” which is just as complicated as it sounds, and it is a decision that you need to make very carefully.  Some of the biggest decisions relate to how much of your farm rental income is actually income and therefore subject to taxation, and for which tax credits you may be eligible. The first issue is determining what your farm is actually producing.  If your farm has any crops it may be classified as either non-production or production.  Generally, when you use a term “non-production” such as “non-farming”, the term has a legal definition and a set of IRS rules.  The tax regulations for this rule state that the rental income is not taxable to you unless you rent the farm for more than four days out of the week during any twelve-month period. The income is deemed farm rental income, and you must report it if you are a member of a farm cooperative, an LLC, or are paying rent to an employee. If your rental income is determined to be non-farm rental income by using this rule, then most farm tax deductions and tax credits are not taken into account, and the business may not be eligible for deductions or credits from the government, depending on how the rules view your income.  The IRS has developed some other rules which may apply to you, depending on the specific facts. There is also a special tax provision which is applied if your rental income is greater than 4% or 35,000.  As a practical matter, many people are not able to produce enough rental income to qualify for a full tax credit for non-production income. Because of the way the rules are set up, many owners do not have the luxury of choosing a tax rate that allows them to use a significant portion of tax-free income.

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