Profit or Loss From Farming

Table of Contents

Introduction

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.

Additional 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.

Future Developments

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.

What's New

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.

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