Tax Treatment of Farmers Webinar


Farming is a unique activity with its own set of special tax issues. Farmers may deduct, as business expenses, the real estate and personal property taxes on farm business assets, including farm equipment, animals, farm buildings and more. In addition to knowing what can be deducted, tax pros must know how to identify if a client’s farming is considered a hobby. This course will discuss several of these unique concepts, and teach tax professionals how to calculate farming expenses and apply depreciation methods unique to farming assets.


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

  • Identify whether a client’s activity is a farm activity
  • Explain how the TCJA affects farmers
  • Evaluate whether a client’s farming activity is a hobby or for profit and summarize the implications
  • Identify various types of farm income and expenses
  • Assess when the rules regarding excess farm losses apply
  • Apply depreciation methods unique to assets used in farming
  • Outline farm income averaging and when to use it
  • Prepare Schedule F

Course Details

Subject matter experts will answer your questions during the presentation. We make every effort to answer as many questions as possible during the webinar but we may not be able to directly address every question.

This webinar includes the presentation slides, attendee top questions and access to the webinar recording.


Presented by: Penny Wade Smith, EA

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