What is Schedule F?
Schedule F is an IRS form for reporting profit or loss from farming. Many individuals who farm as sole proprietors use it, and it is generally filed along with a personal tax return. Partnerships, corporations and some other structures report farm results differently.
Confirm with the IRS or a licensed tax professional whether this is the right form for your situation, since your farm's structure and facts matter.
The form itself is only a summary. The real work happens in your records during the year, which is why record keeping and filing are linked.
Who generally files it?
People who operate a farm as an individual, whether full time or alongside a job, may be among those who report on this form. That can include people who raise crops, livestock, poultry, produce or other farm products, as well as those who receive certain farm-related income.
Whether your activity counts as a business, and how losses are treated, can turn on questions best answered by a professional. The IRS Farmer's Tax Guide is the official reference.
If you share farm income with a spouse or partner, ask how it is to be reported. Who owns the farm, and how, can change which forms are used.
What information does the form call for?
Broadly, the form is organized around income, expenses and the resulting profit or loss. It also asks about your method of accounting and about your participation in the farm. The specific lines and rules change, so always work from the current form and instructions.
Before you sit down to fill it in, gather the following.
- Sales records for crops, livestock and other products
- Payments received from government programs and any related forms
- Receipts and invoices for seed, feed, fuel, repairs and supplies
- Records of hired labor and contract work
- Loan interest statements
- Records of equipment, building and land purchases and sales
What are accounting methods and why do they matter?
Farmers may report income and expenses using different methods, and the method affects which year a given receipt or cost lands in. Some farms track by when money moves, and others by when income is earned or costs are incurred. Which method is allowed or best for you depends on your situation.
Changing methods can have consequences. Make that decision with your preparer, and keep a record of which method you use.
Write down your method in your records, along with the date you started using it, so that any preparer you hire later can follow your history.
What mistakes do people commonly make?
Common errors include leaving out small sales, mixing personal and farm expenses, losing receipts, forgetting to report program payments, and guessing at business use of vehicles. Another is waiting until the deadline to gather everything.
Mistakes can often be fixed, but fixing them takes time. A little attention during the year saves a lot of effort at filing.
Keep a folder for each tax year with the return, the schedules and all supporting papers. If a question comes years later, you will be glad you did.
What about deadlines and payments?
Filing and payment dates are set by the IRS and by your state, and they can differ for farmers in certain situations. Do not rely on a date you remember from a past year. Check the current IRS calendar or ask your preparer.
If you cannot pay in full or need more time, contact the IRS or your preparer promptly. Waiting generally makes things harder.
Ask your preparer to explain any state forms as well. States do not always follow federal treatment, and farm provisions vary.
Should you use software or a preparer?
Some farmers prepare their own returns with tax software, and others hire a professional. If your farm is small and simple, software may work well. If you have employees, multiple enterprises, large equipment purchases, land sales or a mix of income types, professional help is usually worth considering.
Whichever you choose, keep copies of what you file and the records that support it, and know where they are stored.
Free information from the IRS and from extension programs can help you prepare for the conversation, even if a professional files the return.
Key takeaways
- Schedule F is a form for reporting farm profit or loss, often by sole proprietors.
- Always use the current form, instructions and IRS guidance.
- Gather income, expense, loan and equipment records before you start.
- Ask a preparer about accounting methods and anything unusual.
Sources and further reading
Last reviewed: November 12, 2026. Written by the Rural Farm Life Editorial Team. See our editorial policy.