IRS Publication 225 - Farmer's Tax Guide

IRS Publication 225 - Farmer's Tax Guide

A document published by the Internal Revenue Service that details how the federal government taxes farms. Whether the farm is owned by the taxpayer or the taxpayer is a tenant, that individual will be liable for taxes if the farm is operated for profit. IRS Publication 225 outlines the different accounting methods that farmers may use for running their operations and how farmers must report farm income.

Since farming as a business activity is significantly different from most other businesses, special rules apply. There are special rules for deducting improvement costs, depreciation of machinery and reporting of crop rents.

IRS Publication 225 is related to IRS Publication 51 (Agricultural Employer's Tax Guide).


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