If you use an accrual method, report farm income when you earn it, not when you receive it. Generally, you must include animals and crops in your inventory if you use this method. See Pub. 225 for exceptions, inventory methods, how to change methods of accounting, and rules that require certain costs to be capitalized or included in inventory.taxmap/instr/i1040sf-007.htm#TXMP277d7f89
If you were a debtor in a chapter 11 bankruptcy case during 2008, see page 20 of the instructions for Form 1040 and page SE-2 of the instructions for Schedule SE (Form 1040).taxmap/instr/i1040sf-007.htm#TXMP325228e3
See the instructions for lines 5a through 7c on page F-3.taxmap/instr/i1040sf-007.htm#TXMP7374d208
See the instructions for line 10 on page F-4.taxmap/instr/i1040sf-007.htm#TXMP34d84772
We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103.
The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is approved under OMB control numbers 1545-1975 and 1545-1976 and is shown below.
|Recordkeeping||7 hr., 5 min.|
|Learning about the law or the form||1 hr., 2 min.|
|Preparing the form||2 hr., 52 min.|
|Copying, assembling, and sending the form to the IRS||40 min.|
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.