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Form 4835 Illinois Cook: What You Should Know

If you own your own farm, you might receive rental or royalty payments from your neighbor and might also receive royalties from a nearby farmer. Non-participating farmers sometimes receive income from other sources such as farm sales, leases and contracts, farming equipment sales, the sale of milk, meat, vegetables, and produce, etc. Most of these farmers report the income, expenses associated with farming.  Farm sales are reported on Form 1065, Agricultural Income.  When one of your members has a business in California or elsewhere, the income and expenses would also be reported on Form 1096, California Income Tax Return. Farm operations are reported on Form 8281, Farm Operations, except if this entity is a member of a limited liability company or partnership.  Form 4835 and IRS rules are different While the IRS does not require the farmers to file Form 4835, the Department of Treasury and other tax officials have interpreted the IRS rules that apply to members to require member farmers to file Form 4835. The IRS requires a member farmer to file his or her farm receipts and statements (including Form 4835) for agricultural income and expenses in a timely manner (within 120 days) as required under the Internal Revenue Code. If you think you receive income from your farm, you might want to know if you are in the “non-participating” category.

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