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Form 4835 MS: What You Should Know

PDF (download).  Form 4835, Farm Rental Income and Expenses — IRS:  Gross Farm Income from Schedule E, Part I Step 1. Underline the box, “All the gross proceeds” in Column A of the “Rent,” Line 7 of Schedule E, Part I. Rent. Column A of Schedule E, Part I Step 2. If, when you filed your return for 2013, you failed to enter this box, you can enter “No.” in Column A of Part I. Column B of Schedule E Step 3. Multiply the sum of the following: 1/12 of your gross farm income (90,000 (100% of this amount from this box)) Step 4. Subtract the amount in Column A of Part I from the amount in Column B of Part I for your 2023 net farm income and subtract 4,200 (3,200 × 12). Enter this amount in Column A of Part I. Column B of Schedule E Step 5. Subtract the amount in Column A of Part I from the amount in Column B of Part I for your 2023 net farm income and subtract 4,200 (3,200 × 12). Enter this amount in Column A of Part I. Column C of Form 1065 Step 6. Subtract the amount in Column A of Part I from the amount in Column B of Part I for your 2023 net farm income and subtract 4,200 (3,200 × 12). Enter this amount in Column A of Part I. Column D. Other Income (Not on Schedule E, Part I) Step 7. This column shows your net farm income after subtracting all amounts in Column A. Step 8. In Column E, enter any of the amounts that did not seem to be on the Form 1065, or were reported under “Other income (not on Schedule E, Part I)” or “Other income from farming.” Amounts in Column B. This column shows your net farm income after subtracting all amounts in Column A. Amounts in Column C. This column shows your net farm income after subtracting all amounts in Column A. Amounts in Column D. This column shows your net farm income after subtracting all amounts in Column A. Amounts in Column E.

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