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Form 1065-B Minnesota: What You Should Know

What is Profit or Loss from Farming? The term “profit or loss from farming” refers to the amount reported on Schedule D, Part II, Line 7 and Schedule F, line 20. Income shown on Schedule K or Schedule L includes profit or loss from agriculture, mining, quarrying, or oil and gas extraction. Information on Schedule F is also found under the heading POTENTIAL INCOME OR POTENTIAL LIABILITY. POTENTIAL INCOME OR POTENTIAL LIABILITY — Schedule F — General Information What are your options when you have to file a Schedule F? A person must file Schedule F if there is at least a 75 percent chance each of the following occur: The amount of gain realized is at least 5,000; The amount of gross income (including interest, dividends and rents) includible in gross income; and A gain is shown on Schedule A in excess of the 500 amount. Filing Schedule F as an Individual If you have enough money, you can file Schedule F as an individual. If you file on your own behalf, you should make sure that you file Schedule F on line 21. Schedules F and F-S will be applied to the amount shown on Schedule K, Schedule L, Schedule L-S, Schedule P or Schedule Q. Schedule F applies to gross income (including interest, dividends and rentals), but not to income under the self-employment tax credits or exclusions. If there is no gain or loss from the farm, you must file Schedule F-S. This will apply to the amount shown on Schedule L-S, Schedule L-G or Schedule P. If your partnership has a partnership election under section 915 of the Internal Revenue Code, there will be a 5,000 line in Schedule F that is not used. Schedules F and F-S also include information about expenses you paid or incurred that can have tax consequences. It should list the date the expense was incurred. The expense should also be reported on Schedule F, and must be for expenses that are not excluded from gross income under section 63 or self-employment tax credits or exclusions. Schedules F and F-S must reflect your actual or reasonable costs to conduct the activity for which you claim a deduction.

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