FAQs: Farm (or farmland)

1. Should I report the exact number of acres, average bushels of a particular crop, or the number (head) of livestock?

No, you do not need to report that information.

2. Should I report loans to me or the farm that are directly related to my farming activities?

No, you do not need to report loans that are incidental to the business of the farm.

3. Should I report a mortgage on farmland?

Yes. If you are receiving rent from farmland that you have leased out, you need to report any mortgage that you owe on the farmland in Schedule C, Part I. If you are operating a farm, you also need to report a mortgage that you owe on the farmland.

 

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

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