1040 Schedule F - Money Matters - Shroomery Message Board

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UrbanFungi
Stranger

Registered: 12/23/07
Posts: 51

1040 Schedule F
#8273859 - 04/12/08 01:29 PM (7 months, 19 days ago)

I didn't file any thing this year for self employment or farm income because I didn't turn a profit. I was playing around with TurboTax for next years taxes, hoping to get a estimate how much I should have reserved for self-employment tax. I am running a small mushroom farm out of the garage of my rental. In 2008 I've went to the state and become a single owner LLC. I am wondering, will I need to file a schedule F next year and will my landlord have to file a schedule F for farm rental income?

Edited by UrbanFungi (04/12/08 04:49 PM)

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debianlinux
Myconerd - DBK

Registered: 12/09/02
Posts: 7,937
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Re: 1040 Schedule F [Re: UrbanFungi]
#8281565 - 04/14/08 10:24 AM (7 months, 17 days ago)

I, too, run a small commercial gourmet outfit. I sell primarily to local restaurants and the Farmer's Market.

I also use TurboTax to assist in preparing my tax return.

I have previously filed the Schedule F however, this year I omitted the form. My business income and expenses are detailed but I did not specify my business as a farm. I started to but it didn't seem right to duplicate the entry. I hope I made the right decision.

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