Farm (or farmland)

Report a farm (or farmland) and any income in Schedule A.

Farm: Examples of Actively Managed Farms
Farm: Examples of passive investment income

For You and Your Spouse

Schedule A

Reporting a Farm That You or Your Spouse Operate as a Business

The reporting thresholds depend on whether the financial interest in a farm is at least partly yours or only your spouse’s. If you have a financial interest in a farm, report the farm in Schedule A if its value was more than $1,000 at the end of the reporting period, or if it produced more than $200 in income during the reporting period. If you have no financial interest in a farm in which your spouse has a financial interest, report the farm in Schedule A if its value was more than $1,000 at the end of the reporting period, or if it produced more than $1,000 in income during the reporting period.

Block A: Provide (a) the type of interest, such as “sole proprietor,” “general partner,” or “stock holder”; (b) the name under which the farm does business; (c) the business of the farm, such as corn or livestock; and (d) the location of the farm (city and state).

Block B: Mark the appropriate column to report the value of your (or your spouse’s) interest in the farm, including such assets as the land, the crops (standing or in storage), the livestock, the farm equipment, the buildings, etc.

Block C: Report the total amount of income produced during the reporting period. If the business produced less than $201 in income, you may mark the column labeled “None (or less than $201).” If the income can be classified as dividends, rent and royalties, interest, or capital gains, you may mark the applicable “Type” columns and mark an “Amount” column corresponding to the total amount of income.

Reporting a Passive Investment Interest in a Farm or Farmland

Report this asset in Schedule A if its value was more than $1,000 at the end of the reporting period, or if it produced more than $200 in income during the reporting period.

Block A: Provide (a) the type of interest, such as sole owner, limited partner, or corporate shareholder and (b) the location of the farm (city and state). Note whether the farm or the land is leased.

Block B: Report the value of your share of this asset by marking the appropriate column.

Block C: Report the total amount of income produced during the reporting period by marking the appropriate “Amount” column. If the amount of income is more than $200, you also need to report the type of income by marking the applicable “Type” column(s).

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This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.