Tax Treatment of Farmers On-Demand 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

This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Attendee Top Questions. CPE is issued after exam is successfully completed.


Presented by: Penny Wade Smith, EA

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