Fill out Schedule F (Profit or Loss From Farming) online
Schedule F is used to report income and expenses from farming operations. It covers revenue from the sale of livestock, crops, and other farm products, as well as deductible farm expenses such as feed, seed, fertilizer, equipment, and labor costs.
How to fill out Schedule F (Profit or Loss From Farming)
Enter farm information
Fill in your principal crop or activity, EIN (if applicable), and accounting method (cash or accrual). Indicate whether you materially participated in the farming operation during the tax year.
Report farm income (Part I)
Enter sales of livestock and other resale items, sales of livestock, produce, and crops you raised, cooperative distributions, agricultural program payments, commodity credit loans, crop insurance proceeds, and other farm income.
Deduct farm expenses (Part II)
Report deductible expenses including car and truck expenses, chemicals, conservation expenses, custom hire, depreciation, employee benefit programs, feed, fertilizers, freight, fuel, insurance, interest, labor, rent, repairs, seeds, supplies, taxes, utilities, and veterinary fees.
Calculate net farm profit or loss
Subtract total expenses from gross farm income to determine your net farm profit or loss on line 34. This amount transfers to Schedule 1 of Form 1040 and is also used to calculate self-employment tax on Schedule SE.
About Schedule F (Profit or Loss From Farming)
Who needs this form
Individuals who operate a farm as a sole proprietor or who receive farm income and are not organized as a corporation or partnership. This includes crop farmers, ranchers, livestock producers, and operators of nurseries, orchards, and aquaculture businesses.
Where to submit
Attach Schedule F to your Form 1040 when filing. The net farm profit or loss from line 34 flows to Form 1040 via Schedule 1, line 6.
Source and content freshness
- Reviewed: 2026-02-24
- Check the latest official form instructions for the filing year that applies to you.
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Not electing the right accounting method (cash vs. accrual) for the type of farming operation
- Forgetting to report commodity credit corporation loans as income when received
- Not properly depreciating farm equipment and buildings using Form 4562
- Failing to report crop insurance proceeds and federal agricultural program payments
Frequently asked questions
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Can farmers use income averaging to reduce taxes?
Yes. Farmers can elect to average their current year farm income over the prior three years using Schedule J (Income Averaging for Farmers and Fishermen). This can lower your tax rate in a high-income year by spreading the income across years when you may have been in a lower tax bracket.
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