skip navigation

Search Help
Navigation Help
Topic Index
ABCDEFGHI
JKLMNOPQR
STUVWXYZ#
FAQs
Forms
Publications
Tax Topics
Comments
About Tax Map
IRS.gov Website
Left Arrow Previous Page | Table of Contents | Index | Next Page Right Arrow
taxmap/instr/i1040sf-000.htm#TXMP06214408

2010 Instructions for Schedule F

rule
taxmap/instr/i1040sf-000.htm#TXMP0de31c2a

Profit or Loss From Farming(p1)

rule

2010

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)
rule
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#TXMP3e7a852f

What's New(p1)

rule
taxmap/instr/i1040sf-000.htm#TXMP0b957bb1
Increase in section 179 expense.(p1)
rule
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.
taxmap/instr/i1040sf-000.htm#TXMP57a4b51b
Extension of special allowance.(p1)
rule
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.
taxmap/instr/i1040sf-000.htm#TXMP4d17c50c
Increased deduction for start-up costs.(p1)
rule
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.
taxmap/instr/i1040sf-000.htm#TXMP49810493
Standard mileage rate.(p1)
rule
The business standard mileage rate for 2010 decreased to 50 cents per mile. See page F-5 for more details.
taxmap/instr/i1040sf-000.htm#TXMP7795ee55
New credit for small employer health insurance premiums.(p1)
rule
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.
taxmap/instr/i1040sf-000.htm#TXMP7e869bcd
Limitation on excess farm losses.(p1)
rule
If you received certain subsidies in 2010, your losses may be reduced or eliminated. See page F-7.
taxmap/instr/i1040sf-000.htm#TXMP356fcd34
Reportable transaction penalties limited.(p1)
rule
The penalties for failure to disclose a reportable transaction have changed. See Pub. 550 and the Instructions for Form 8886 for more details.
Left Arrow Previous Page | Table of Contents | Index | Top of Page | Next Page Right Arrow