Tax Treatment of Farmers Webinar


Farming is a unique occupation with its own set of special tax rules. Sometimes, even though your clients say they are farmers, they may not meet federal requirements to qualify for certain credits. This webinar will teach you how to identify farm activity, know whether a farming activity is a hobby or profit and summarize the implications, identify various types of farm income and to assess whether farm income received by your client is taxable. We’ll also walk you through the sale of assets unique to farmers and how to prepare Schedule F, Profit or Loss From Farming.


Upon completion of this course, you will be able to:

  • Identify whether a client’s activity is a farm activity.
  • Evaluate whether a client’s farming activity is a hobby or for profit and summarize the implications.
  • Identify various types of farm income for clients at the tax desk.
  • Assess whether farm income received by taxpayers is taxable.
  • Calculate farming expenses.
  • Apply depreciation methods unique to assets used in farming.
  • Assess when the rules regarding excess farm losses apply.
  • Outline farm income averaging and when to use it.
  • Prepare Schedule F.

Course Details

Our researchers will answer your questions during the presentation. This webinar includes the presentation slides, Attendee Top Questions and access to the webinar recording.


Presented by: Penny Wade Smith, EA

​​​​​How to Earn CPE

​To receive full credit for a webinar, you must respond to at least 70% of the polling questions that are asked by the instructor during the webinar and you must be logged in for at least 90% of the presentation.

Please allow up to 7 days for us to verify attendance and issue certificates.

Cancellation Policy

Because this is an online education offering, it is nonrefundable.

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