Publication 225 |
2000 Tax Year |
Schedule F
Report your farm income on Schedule F (Form 1040). Use this
schedule to figure the net profit or loss from regular farming
operations.
Income from farming reported on Schedule F includes amounts you
receive from cultivating, operating, or managing a farm for gain or
profit, either as owner or tenant. This includes income from operating
a stock, dairy, poultry, fish, fruit, or truck farm and income from
operating a plantation, ranch, range, or orchard. It also includes
income from the sale of crop shares if you materially participate in
producing the crop. See Rents (Including Crop Shares),
later.
Income reported on Schedule F does not include gains or
losses from sales of the following.
- Land or depreciable farm equipment.
- Buildings and structures.
- Livestock held for draft, breeding, sport, or dairy
purposes.
Gains and losses from the sale of farming assets, such as machinery
and land, are discussed in chapters 10
and 11. Gains and losses from
casualties, thefts, and condemnations are discussed in chapter 13.
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