Schedule F (1040) Profi or Loss Farming

SCHEDULE F
(Form 1040)

OMB No. 1545-0074

Profit or Loss From Farming
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2008

Attach to Form 1040, Form 1040NR, Form 1041, Form 1065, or Form 1065-B.

Department of the Treasury
Internal Revenue Service
(99)

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Attachment
Sequence No.

See Instructions for Schedule F (Form 1040).

Name of proprietor

Social security number (SSN)

A Principal product. Describe in one or two words your principal crop or activity for the current tax year.

B Enter code from Part IV

14

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D Employer ID number (EIN), if any

C Accounting method:

(1)

Cash

(2)

Accrual

E Did you “materially participate” in the operation of this business during 2008? If “No,” see page F-3 for limit on passive losses.

Part I

Yes

No

Farm Income—Cash Method. Complete Parts I and II (Accrual method. Complete Parts II and III, and Part I, line 11.)
Do not include sales of livestock held for draft, breeding, sport, or dairy purposes. Report these sales on Form 4797.

1

Sales of livestock and other items you bought for resale

1

2

Cost or other basis of livestock and other items reported on line 1

2

3

Subtract line 2 from line 1

3
4

4

Sales of livestock, produce, grains, and other products you raised
5a
5a Cooperative distributions (Form(s) 1099-PATR)
6a
6a Agricultural program payments (see page F-3)
7

5b Taxable amount

5b

6b Taxable amount

6b

Commodity Credit Corporation (CCC) loans (see page F-3):
7a

a CCC loans reported under election
7b

b CCC loans forfeited
8

Crop insurance proceeds and federal crop disaster payments (see page F-3):
8a
a Amount received in 2008
c If election to defer to 2009 is attached, check here

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7c Taxable amount

7c

8b Taxable amount

8b
8d

8d Amount deferred from 2007

Custom hire (machine work) income

9

10

Other income, including federal and state gasoline or fuel tax credit or refund (see page F-4)

10

11

Gross income. Add amounts in the right column for lines 3 through 10. If you use the accrual method to figure
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your income, enter the amount from Part III, line 51

11

9

Part II
12

Farm Expenses—Cash and Accrual Method.
Do not include personal or living expenses such as taxes, insurance, or repairs on your home.

Car and truck expenses (see page
F-5). Also attach Form 4562

12

13

Chemicals

13

14

Conservation expenses (see
page F-5)

14

a Vehicles, machinery, and
equipment

26a

15

Custom hire (machine work)

15

b Other (land, animals, etc.)

26b

16

Depreciation and section 179
expense deduction not claimed
elsewhere (see page F-5)

17

16

25

Pension and profit-sharing
plans

26

Rent or lease (see page F-6):

25

27

Repairs and maintenance

27

28

Seeds and plants

28

29

Storage and warehousing

29

30

Supplies

30

Employee benefit programs other
than on line 25

17

31

Taxes

31

18

Feed

18

32

Utilities

32

19

Fertilizers and lime

19

33

Veterinary, breeding, and medicine

33

20

Freight and trucking

20

34

Other expenses (specify):

21

Gasoline, fuel, and oil

21

a

34a

22

Insurance (other than health)

22

b

34b

23

Interest:

c

34c

23a

d
e
f

34d

a Mortgage (paid to banks, etc.)
b Other
24 Labor hired (less employment credits)

23b
24

34e
34f

35

Total expenses. Add lines 12 through 34f. If line 34f is negative, see instructions

36

Net farm profit or (loss). Subtract line 35 from line 11. Partnerships, see page F-7.
● If a profit, enter the profit on both Form 1040, line 18, and Schedule SE, line 1a;
on Form 1040NR, line 19; or on Form 1041, line 6.
● If a loss, you must go to line 37.
If you have a loss, you must check the box that describes your investment in this activity (see page F-7).
● If you checked 37a, enter the loss on both Form 1040, line 18, and Schedule SE, line 1a;
on Form 1040NR, line 19; or on Form 1041, line 6.
● If you checked 37b, you must attach Form 6198. Your loss may be limited.

37

For Paperwork Reduction Act Notice, see page F-7 of the instructions.

Cat. No. 11346H

%

%

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35
36

37a

All investment is at risk.

37b

Some investment is not at risk.

Schedule F (Form 1040) 2008

Schedule F (Form 1040) 2008

Part III

Page

2

Farm Income—Accrual Method (see page F-7).
Do not include sales of livestock held for draft, breeding, sport, or dairy purposes. Report these sales on Form 4797
and do not include this livestock on line 46 below.

38

38

Sales of livestock, produce, grains, and other products

39a Cooperative distributions (Form(s) 1099-PATR)

39a

39b Taxable amount

39b

40a Agricultural program payments

40a

40b Taxable amount

40b

41

Commodity Credit Corporation (CCC) loans:
41a

a CCC loans reported under election
b CCC loans forfeited

41b

41c Taxable amount

41c

42

Crop insurance proceeds

42

43

Custom hire (machine work) income

43

44

Other income, including federal and state gasoline or fuel tax credit or refund

44

45

Add amounts in the right column for lines 38 through 44

45

46

Inventory of livestock, produce, grains, and other products at beginning of
the year

46

47

Cost of livestock, produce, grains, and other products purchased during
the year

47

48

Add lines 46 and 47

48

49

Inventory of livestock, produce, grains, and other products at end of year

49

50

Cost of livestock, produce, grains, and other products sold. Subtract line 49 from line 48*

51

Gross income. Subtract line 50 from line 45. Enter the result here and on Part I, line 11

50
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51

*If you use the unit-livestock-price method or the farm-price method of valuing inventory and the amount on line 49 is larger than the amount on
line 48, subtract line 48 from line 49. Enter the result on line 50. Add lines 45 and 50. Enter the total on line 51 and on Part I, line 11.

Part IV Principal Agricultural Activity Codes
File Schedule C (Form 1040) or Schedule C-EZ
(Form 1040) instead of Schedule F if (a) your
CAUTION
principal source of income is from providing
agricultural services such as soil preparation, veterinary,
farm labor, horticultural, or management for a fee or on a
contract basis, or (b) you are engaged in the business of
breeding, raising, and caring for dogs, cats, or other pet
animals.

111300
111400
111900

Fruit and tree nut farming
Greenhouse, nursery, and floriculture production
Other crop farming

These codes for the Principal Agricultural Activity classify
farms by their primary activity to facilitate the administration of
the Internal Revenue Code. These six-digit codes are based on
the North American Industry Classification System (NAICS).
Select the code that best identifies your primary farming
activity and enter the six digit number on page 1, line B.

Animal Production
112111
Beef cattle ranching and farming
112112
Cattle feedlots
112120
Dairy cattle and milk production
112210
Hog and pig farming
112300
Poultry and egg production
112400
Sheep and goat farming
112510
Aquaculture
112900
Other animal production

Crop Production
111100
Oilseed and grain farming
111210
Vegetable and melon farming

Forestry and Logging
113000
Forestry and logging (including forest nurseries
and timber tracts)

Schedule F (Form 1040) 2008