Farm income
Hi Terry,
My wife inherited farm land from her aunt who passed away 4 years ago. She is now cash renting the land. My question is what federal and state form does she use to file a return? Does she need a document from person renting the land?
Thanks and Happy New Year!
Terry Says
She definitely needs a CPA (Certified Public Accountant) to guide her through reporting this income. The IRS will catch it, because the person renting the farm will deduct the rent payments as a cost of his/her business. So contact an accountant right now!
