Farm Checklist

Farm Business/Schedule F Checklist

  

Farm income with the following breakdown:
  •     Sale of livestock and other products bought for resale
  •     Sale of livestock and other products you raised
  •     Co-op distributions from Form 1099-PATR
  •     Monies received from Federal agencies
  •     Other Income
  
Cost or basis of livestock and other products sold above
  
A list of all ordinary and necessary expenses related to your farming business by category
  
Assets and equipment purchased during the tax year for your farming business with the following information:
  •     Date of purchase
  •     Date put into service for your farm
  •     Full description of item purchased
  •     Business use percentage
  •     Sales price of item
  
Did you sell/trade in/take out of service and equipment during the tax year? We need to know the details.
 
For farming vehicles, we will need the following information:
  •     Description of new vehicles
  •     Total miles for the year (Actual, not an estimate)
  •     Total farm miles for the year (Actual, not an estimate)
   
YOU NEED TO KEEP EVIDENCE TO SUPPORT YOUR MILEAGE IN CASE OF AUDIT (LOG BOOK, CALENDAR)
  
  





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