Corporate farm return
Like the schedule F for the 1040, is there a specific schedule to use when the farm is a corporation?
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Pablito
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11/15/09 7:20am PST
Viewed by asker 11/29/09 10:14pm PST
Viewed by asker 11/29/09 10:14pm PST
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Accountant Man
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11/15/09 7:47am PST
IF I WERE YOU, and I was trying to prepare the return, I would open up the list of all of the forms in the 1120 and look for an F form. Or something that said "Farm."
But only if I were you, and I am not.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
Charlotte256
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11/15/09 8:20am PST
No, but there is a Miscellaneous Statement which can be used to list farm expenses which do not fit on the regular expense form. You can make a copy of a 1040 Sch F to use as a guide for these expenses.
When anyone doing nothing needs help, I will gladly help that person do nothing.
ArchieLeach
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11/15/09 11:09am PST
I have always included a 1040 Sch F (or 4835) with the return, and brought the net farm income forward to 1120, Line 10. Haven't done many of them, but none have bounced.
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taxiowa
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11/15/09 4:19pm PST
The solution
Archie is correct. Except that gross farm income is listed on page 1, Line 10. There is a worksheet to use and it says farm receipts. Total farm expense except depreciation (Line 20) is listed on Line 26. Schedule F (Form1040) should be attached to return.
Pablito
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