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taxmap/instr/i1040sf-000.htm#TXMP06214408

2010 Instructions for Schedule F

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Profit or Loss From Farming(p1)

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2010

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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.
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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.
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What's New(p1)

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Increase in section 179 expense.(p1)
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You may now deduct up to $500,000 of the cost of section 179 property placed in service in 2010. This deduction is phased out if the cost of the property exceeds $2,000,000. The cost of certain qualified real property placed in service in 2010 may also be deducted but is limited to $250,000. For more details, see Pub. 946.
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Extension of special allowance.(p1)
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The special first-year depreciation allowance has been extended to property placed in service in 2010. See Pub. 946 for details on which property is eligible for the special allowance.
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Increased deduction for start-up costs.(p1)
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If your farming business began in 2010, you can deduct up to $5,000 of certain business start-up costs paid or incurred after October 22, 2004, in tax years before 2010, and up to $10,000 of certain business start-up costs paid or incurred in 2010. See page F-6 for more details.
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Standard mileage rate.(p1)
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The business standard mileage rate for 2010 decreased to 50 cents per mile. See page F-5 for more details.
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New credit for small employer health insurance premiums.(p1)
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If your line 17 expenses include the cost of providing health insurance coverage to your employees, you must reduce your expenses by the amount of any credit determined on Form 8941. See page F-5 and Form 8941 and its instructions.
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Limitation on excess farm losses.(p1)
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If you received certain subsidies in 2010, your losses may be reduced or eliminated. See page F-7.
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Reportable transaction penalties limited.(p1)
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The penalties for failure to disclose a reportable transaction have changed. See Pub. 550 and the Instructions for Form 8886 for more details.