Profit or Loss From Farming
Use Schedule F (Form 1040) to report farm income and expenses. File it with Form 1040, 1040NR, 1041, 1065, or 1065-B.
Your farming activity may subject you to state and local taxes and other requirements such as business licenses and fees.
Check with your state and local governments for more information.
Pub. 225 has more information and examples to help you complete your farm tax return. It also lists important dates
that apply to farmers.
For the latest information about developments related to Schedule F (Form 1040) and its instructions, such as legislation
enacted after they were published, go to www.irs.gov/form1040.
No separate payment card reporting requirements.
Gross receipts received via payment card (credit and debit cards) and third party network payments are not separately
reported on Schedule F.
Standard mileage rate.
The standard mileage rate for business use of your vehicle for 2012 is 55.5 cents per mile.
Heavy highway vehicle use tax.
This tax has been extended through September 30, 2017.