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Understanding Schedule F—Farms

Tax CE >> Maryland >> Tax Preparer

Study Level:  Basic
Delivery Method:  Online self-study
Provider of Record: WebCE
Field of Study:
Prerequisites:  N/A

Course Description:

This video-based course, presented by well-known author, presenter and part-time farmer Larry Gray CPA, provides a comprehensive overview of the issues surrounding the reporting of farm activity on Schedule F. Supported by numerous examples from the presenter’s own long experience as a farmer and preparer of tax returns for farms of different types, topics include:

  • Income and Expenses
  • Assets
  • Audit Issues
  • Hobby Losses and Passive Activity

Learning Objectives:

After completing this course students will be able to:

  • recognize the different types of income that farming enterprises may receive and identify the correct methods and forms used for reporting;
  • recognize the different types of expenses that farming enterprises may incur and identify the correct methods and forms used for reporting;
  • identify the correct methods for reporting assets related to a farm enterprise, including the general rules for depreciating livestock; and
  • identify the main issues that may lead to the audit of a farm tax return, including hobby loss and passive activity rules.