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What Is Schedule F in Tax Papers?

Significance

Schedule F is used to report income and expenses from farming.

Sections

In Part I of Schedule F, list all income received from items 1 through 10. In Part II, list your farm expenses. Do not include your own living expenses (i.e. taxes, insurance, etc).

Process

Attach Schedule F to your Form 1040 and mail it to the IRS office that processes returns for your area or submit the form electronically.

Additional Forms

If you are a farmer, Schedule F may not be the only form that you're required to attach to your form 1040. Use Schedule SE to report self-employment tax, Form 4562 to claim depreciation and Form 4835 to report rental income from crop or livestock shares of a tenant.

Warning

Schedule F is to be used by self-employed farmers only, not farms run by corporations.

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