Farm Income and Expenses Flashcards
1
Q
Over how many years may a farmer smooth his income?
A
3 years
2
Q
On which form must farm income be reported?
A
Schedule F
3
Q
What is the deduction limit on Conservation Expenses?
A
25% of gross farm income
4
Q
Hired Labor Deductions
A
Deductible amounts for farm labor include boarding cost, but not the value of farm products used by farm labor.
