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Old 04-13-2013, 01:02 AM
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Schedule F - how many

I am in the second year of starting my raising sheep business. Also I have sold blueberries, for a couple years, just $200 or so in income. Do I put both on one schedule F or separate for each side of the business. Fencing and tractor bought in 2012 are used for both.
I appreciate your help.



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Old 04-13-2013, 04:23 AM
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“I am in the second year of starting my raising sheep business. Also I have sold blueberries, for a couple years, just $200 or so in income. Do I put both on one schedule F or separate for each side of the business. “==========>Sch F is to be used only for farmers who are considered sole proprietors. Farmers who operate their farming business through a corporation or other business entity must report income and expenses on the appropriate business tax return. Amounts received from the sales of products you raised on your farm for sale (or bought for resale), such as livestock, produce, or grains, are reported on Sch F. Sales of livestock held for draft, breeding, sport, or dairy purposes(bought or raised) may result in ordinary or capital gains or losses, depending on the circumstances. In either case, you should always report these sales on Form 4797 instead of Sch F. You need to report Farm products raised for sale on Sch F.



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