Farm Income Expense - Repairs and Maintenance

Repairs and Maintenance You can deduct most expenses for the repair and maintenance of your farm property. Common items of repair and maintenance are repainting, sealing cracks or replacing broken windows on a farm building, and routine maintenance of trucks, tractors, and other farm machinery. However, expenses for improvements to depreciable property are generally capital expenditures. [...]

Farm Income Expense - Rent or Lease

Rent and Leasing If you lease property for use in your farm business, you can generally deduct the rent you pay on Schedule F. However, you cannot deduct rent you pay in crop shares if you deduct the cost of raising the crops as farm expenses. Advance payments. Deduct advance payments of rent only in the year to which they apply, regardless of your accounting method. Farm home. If you [...]

Farm Income Expense - Pension and Profit-Sharing Plans

Enter your deduction for contributions to employee pension, profit-sharing, or annuity plans. If the plan included you as a self-employed person, enter contributions made as an employer on your behalf on Schedule 1 (Form 1040), line 16, not on Schedule F (Form 1040). In most cases, you must file the applicable form listed next if you maintain a pension, profit-sharing, or other funded-deferred [...]

Farm Income Expense - Labor Hired

http://www.irs.gov/pub/irs-pdf/i1040sf.pdf Enter the amounts you paid for farm labor. Do not include amounts paid to yourself. Reduce your deduction by the amounts claimed on: Form 5884, Work Opportunity Credit, line 2; Form 5884-A, Credits for Affected Midwestern Disaster Area Employers, line 6; Form 8844, Empowerment Zone and Renewal Community Employment Credit, line 2; Form 8845, Indian [...]

Farm Income Expense - Interest

There may be a limit on the amount you can deduct as farming business interest paid or accrued during the tax year related to your farming business, such as for farm mortgages and other farm obligations. However, a small business taxpayer is not subject to the business interest expense limitation and is not required to file Form 8990. A small business taxpayer is a taxpayer that is not a tax [...]