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wstmyr
April 2, 2024
Question

K-1 Farm Land Rental Income Listed in Box 1

  • April 2, 2024
  • 1 reply
  • 0 views

Accountant listed rental farm land on LLC K-1 (1065) as Ordinary Business Income.  This is generating SE Tax in Turbotax.

 

Wrong box?  Shouldn't this be listed in Box 2?

    1 reply

    PatriciaV
    PatriciaV
    April 4, 2024

    If you did not materially participate in running the farm, farm rental income is not considered self-employment income. However, if the LLC's main business activity is Farming, the rental income would be ordinary income from farming.

     

    Additional Information:

    1. TurboTax Tax Tip: What is Form 4835: Farm Rental Income and Expenses
    2. IRS About Form 4835, Farm Rental Income and Expenses
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