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taxmap/instr/i1040sf-000.htm#TXMP6d20111a

2009 Instructions for Schedule F


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taxmap/instr/i1040sf-000.htm#TXMP198e5121

Profit or Loss From Farming(p1)


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2009

taxmap/instr/i1040sf-000.htm#TXMP22d5e709
Use Schedule F (Form 1040) to report farm income and expenses. File it with Form 1040, 1040NR, 1041, 1065, or 1065-B.
Your farming activity may subject you to state and local taxes and other requirements such as business licenses and fees. Check with your state and local governments for more information.
taxmap/instr/i1040sf-000.htm#TXMP1646a314

Additional information.(p1)

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Pub. 225 has more information and examples to help you complete your farm tax return. It also lists important dates that apply to farmers.
taxmap/instr/i1040sf-000.htm#TXMP38859e09

What's New(p1)


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taxmap/instr/i1040sf-000.htm#TXMP0ef3a88f

Section 179 deduction increased.(p1)

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The dollar limit for the section 179 deduction to expense certain depreciable business property is $250,000 for property placed in service during 2009. This limit will be reduced when the total cost of section 179 property placed in service during the tax year exceeds $800,000. For more information, see Pub. 946.
taxmap/instr/i1040sf-000.htm#TXMP54df2beb

Special depreciation allowance extended.(p1)

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For qualifying property acquired after 2007 and placed in service in 2009, you may be able to take a depreciation deduction equal to 50% of the adjusted basis of the property. Qualifying property includes certain property with a recovery period of 20 years or less, certain computer software, water utility property, or qualified leasehold improvements. For more information, see Pub. 946.
taxmap/instr/i1040sf-000.htm#TXMP340f4d6b

Single-member limited liability companies (LLCs) with employees.(p1)

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Single-member LLCs that are disregarded as entities separate from their owner for federal income tax purposes are now required to file employment tax returns (effective for wages paid on or after January 1, 2009) using the LLC's name and employer identification number (EIN) rather than the LLC owner's name and EIN. This new requirement to use the LLC's name and EIN also went into effect for certain excise tax returns beginning in 2008. Single-member LLCs not previously needing an EIN may now need to obtain an EIN for the payment and reporting of these taxes. For more information, see the Instructions for Form SS-4.
taxmap/instr/i1040sf-000.htm#TXMP4608ffad

Deduction for endangered species recovery expenses.(p1)

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You can choose to deduct expenses you paid for endangered species recovery, if the expenses are consistent with a recovery plan approved pursuant to the Endangered Species Act of 1973 for the area in which your land is located. See the instructions for line 14.
taxmap/instr/i1040sf-000.htm#TXMP149182b2

Depreciation of race horses.(p1)

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The recovery period under the General Depreciation System (GDS) is 3 years for all race horses (regardless of age) placed in service after December 31, 2008. For more information, see chapter 7 of Pub. 225.
taxmap/instr/i1040sf-000.htm#TXMP27f30c40

Depreciation of machinery and equipment.(p1)

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The recovery period for any machinery or equipment used in a farming business (other than any grain bin, cotton ginning asset, fence, or other land improvement) is 5 years under the GDS and 10 years under the Alternative Depreciation System (ADS). The original use of the machinery or equipment must begin with the taxpayer after December 31, 2008, and the machinery or equipment must be placed in service before January 1, 2010. For more information, see chapter 7 of Pub. 225.
taxmap/instr/i1040sf-000.htm#TXMP5f57f69b

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