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Form 4835 UT: What You Should Know

Income from the rental of land by a corporation or partnership to an individual and to another corporation or partnership. Farm Income — Report a Form 4835 Enter the details of income from farm, ranch, or small business (except foreign corporation) rental from the year in which the rental begins to the year for which the rental ends. Use the “Schedule E” method to report the income. See the “Tax Computation” subsection in Revenue Procedure 2002-16. See Form 1040 for filing information about income from other sources, such as interest, dividends and capital gains. Farm income There's no limit on the amount of taxable income. Do not include farm rental income in income derived from sources other than farming. Farm income for farm income deduction There's no limit on taxable income. Do not include farm income in tax-exempt income (exempt farm business income and excluded farm income). Farm Income — Itemized Deduction for Farming Income There's no limitation on the amount of income from farm, ranch, and small business rental that can be claimed as an itemized deduction for income tax purposes. The following factors are used in applying the dollar limitation: The total rental period for each rental property in the farming transaction. The fair market value of any building or other improvements to the rental property. When filing separate returns for different years, the IRS may approve an adjustment for any year in which the taxpayer's gross income is less than zero. The amount of total gross business income from farming that can be deducted without regard to limitations on itemized deductions. The aggregate farm income or other net income from farming you receive during the year before filing this return and the remainder of the calendar year. The gross income you receive from rental property for each housing period. The total of your deductible business expenses for rent from your farming business. Example A corporation rents a vacant piece of real estate in Indiana and distributes rents collected from this property to its shareholders. For the period from July 1, 2005, to December 31, 2007, the corporation's owners received total gross income of 2,600,000 (including total rental income of 800,000 from rental units at the housing facility). For the 2023 taxation year A corporation rented the same property in Indiana. For its 2023 taxation year, the corporation rent the same property in Indiana and does not receive gross income from the property because it receives rents less than 50,000.

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