Illinois Farming Income

Article ID: 58828  

Question
Illinois Farming Income

Answer

Check the box on line 33a if at least two-thirds of your total federal gross income came from farming. Total federal gross income includes your spouse’s income if your filing status is “married filing jointly.”

TIP: Federal gross income from farming

“Federal gross income from farming” is the amount of income you received from your participation in the production of crops, fruits, fish, livestock (used for draft, breeding, or dairy purposes), or other agricultural products. This includes income from the operation of a stock, dairy, poultry, fruit, or truck farm, plantation, ranch, nursery, range, or orchard – regardless of whether the operation is organized as a sole proprietorship, a partnership, an S corporation, or a trust. “Federal gross income from farming” also includes a share of crops produced in exchange for the use of the land. See IRS Publication 225.

“Federal gross income from farming” does not include payments from the sale of farm land and farm equipment, nor does it include income received by a custom grain harvester who performs grain harvesting and hauling services on farms he or she does not own, rent, or lease. It also does not include the wages of a farm employee or cash rent.

 


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Views: 2906 Created on: Jun 15, 2013