Tax Treatment of Farmers On-Demand 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
  • 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 on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.


Presented by: Penny Wade Smith

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