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NY Form 4835: What You Should Know
What is gross farm rents from federal Form 4835? May 5, 2022— As with all businesses, the IRS requires you to report the gross farm rents received by your farm business. The gross farm rent is the total amount received by someone who actually owns or has an ownership interest in your farm business, from: — Renter's share of rental income from farm operations—the income generated by your leased or rented farm operations. You will calculate rent income for rent you receive from another person's land. — Renter's share of cost of production rent, and — Depreciation on property. We have included a separate income statement for rent paid from rental of land from your farm operations. This statement is found on the Summary Information portion of this form, and we encourage you to fill it out, and have it available on your computer for you to use for your taxes. You can have it printed and saved on your computer, or fax it in. Do I have to make a separate income statement for rent payments from rental of land from my farm operations? You do not have to make this statement if you receive rental income from any of the following sources: rental income from leased land, rental income from farm operations on leased land, rental income from leased or rented farm operations on real estate, rent received from non-owner related sources (such as income earned from a business, estate or trust), rent received from certain qualified business services, rental income from a limited partnership, rental income from a trust, rental income from an estate, rent income from a trust that is qualified as a pass-through entity, rental income from a trust that is not a qualified pass-through entity and rental income from any other business. What is a tenant's share of rental income from farm operations? May 5, 2022— The tenant's share of a landlord's gross rental income from farming includes the rental income from other property the landlord uses directly to rent its farm operations or rental income from property used to rent the real estate (including this property from which that rental income is received).
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