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Form 4835 for Queens New York: What You Should Know

It does not apply to rents received from a farmer who rents his or her land to a tenant. Form 4835 is used to report the tenant's income from the land they lease. CERTIFICATE OF INCOME The Certificate of Income from Farming (COF) or Certificate of Agricultural Income (CAI) may be used to establish the extent of income from farming and to report it to the IRS. Cows and Asia's are available for all farms and farming ventures in the U.S. CREDITS FROM FARMERS The federal agricultural income credit can be used to reduce the farm income tax you may owe. It can also be used to reduce the number of qualifying agricultural businesses you must have. The federal tax credit reduces the farm income tax you paid on income from farming. There is no dollar limit to your credit amount. You must have qualified agriculture income. Qualified agriculture income means the total of gross receipts plus: Net gross income (interest and dividends) from the farm or business plus Net gain or loss from the farm or business net of an equal or lesser return or loss. Gross receipts are defined as all the income from whatever source derived. For the purpose of receiving the federal tax credit, gross receipts include the gross receipts from farm operations. The federal farm income tax credit is intended to eliminate the economic disincentive to farming that exists because of the tax on farm production. The federal farm income tax credit is subject to the following limitations: The government may not increase the size or duration of the credit above 100 percent of the federal tax paid. There is no tax credit for income from farming if the tax paid on the income exceeds 80 percent of the federal farm tax paid. There is no limit on the credit amount that can be applied toward the federal income tax paid. Gross income from farm operations includes wages paid to employees. The federal farm tax credit is not intended to increase the tax liability of a taxpayer for his or her farm operation. The federal farm tax credit amounts may not be used to reduce the amount or payment of tax. The annual limit on the farm income tax credit is 300,000 per taxpayer. The total dollar amounts of all credits are allowed to be claimed only twice. For example, the gross receipts of 1,500 or more can be claimed once for the tax year and for either the same year, or in either subsequent year.

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