This is archived information that pertains only to the 2006 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Other Schedules and Forms You May Have To File
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Schedule E, Part I,
to report rental income from pastureland that is based on a flat charge. Report on
Schedule F, line 10,
pasture income received from taking care of someone else's livestock.
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Schedule J to figure your tax by averaging your farm income over the previous
3 years. Doing so may reduce your tax.
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Schedule SE to pay self-employment tax on income from your farming business.
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Form 4562 to claim depreciation on assets placed in service in
2006, to claim amortization that began in
2006, to make an election under section 179 to expense certain property, or to report information on vehicles and other listed
property.
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Form 4684 to report a casualty or theft gain or loss involving farm business property, including livestock held for draft,
breeding, sport, or
dairy purposes. See
Pub. 225 for more information on how to report various farm losses, such as losses due to death of livestock or damage to
crops or other farm
property.
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Form 4797 to report sales, exchanges, or involuntary conversions (other than from a casualty or theft) of certain farm property.
Also use this
form to report sales of livestock held for draft, breeding, sport, or dairy purposes.
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Form 4835 to report rental income based on farm production or crop shares if you did not materially participate in the management
or
operation of the farm. This income is not subject to self-employment tax. See Pub. 225.
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Form 8824 to report like-kind exchanges.
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Form 8903 to take a deduction for income from domestic production activities.
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Form 8910 to claim a credit for placing a new alternative motor vehicle in service after
2005 for business use.
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Form 8911 to claim a credit for placing qualified alternative fuel vehicle refueling property in service after
2005 for business use.
Heavy highway vehicle use tax.
If you use certain highway trucks, truck-trailers, tractor trailers, or buses in your farming business, you may have
to pay a federal highway motor
vehicle use tax. See the Instructions for Form 2290 to find out if you owe this tax.
Information returns.
You may have to file information returns for wages paid to employees, certain payments of fees and other nonemployee
compensation, interest, rents,
royalties, real estate transactions, annuities, and pensions. You may also have to file an information return if you sold
$5,000 or more of consumer products to a person on a buy-sell, deposit-commission, or other similar basis for resale. For
details, see the
2006 General Instructions for Forms 1099, 1098, 5498, and W-2G.
If you received cash of more than
$10,000 in one or more related transactions in your farming business, you may have to file
Form 8300. For details, see
Pub. 1544.
Reportable transaction disclosure statement.
If you entered into a reportable transaction in
2006, you must file
Form 8886 to disclose information if your federal income tax liability is affected by your participation in the transaction.
You may have to pay
a penalty if you are required to file
Form 8886 but do not do so. You may also have to pay interest and penalties on any reportable transaction understatements.
For more information
on reportable transactions, see
Reportable Transaction Disclosure Statement that begins on page C-2 of the instructions for Schedule C.
If you had to make estimated tax payments in
2006 and you underpaid your estimated tax, you will not be charged a penalty if both of the following apply.
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Your gross farming or fishing income for 2005 or 2006 is at least two-thirds of your gross income.
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You file your 2006 tax return and pay the tax due by March 1, 2007.
For details, see
Pub. 225.
