Federal Profit or Loss From Farming

Profit or Loss From Farming
2023 Schedule F (Form 1040)
SCHEDULE F
(Form 1040)

Profit or Loss From Farming

OMB No. 1545-0074

2023

Attach to Form 1040, 1040-SR, 1040-SS, 1040-NR, 1041, or 1065.
Go to www.irs.gov/ScheduleF for instructions and the latest information.

Department of the Treasury
Internal Revenue Service

Attachment
Sequence No.

A Principal crop or activity

B Enter code from Part IV C Accounting method:
Cash
Accrual

D Employer ID number (EIN) (see instr.)

E Did you “materially participate” in the operation of this business during 2023? If “No,” see instructions for limit on passive losses
F Did you make any payments in 2023 that would require you to file Form(s) 1099? See instructions
. . . . . . . .
G If “Yes,” did you or will you file required Form(s) 1099? . . . . . . . . . . . . . . . . . . . . .

Part I

Sales of purchased livestock and other resale items (see instructions)
. .
Cost or other basis of purchased livestock or other items reported on line 1a

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.

c
2
3a

Subtract line 1b from line 1a . . . . . . . . . . . .
Sales of livestock, produce, grains, and other products you raised
Cooperative distributions (Form(s) 1099-PATR) .
3a

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4a
5a
b

Agricultural program payments (see instructions) .
4a
Commodity Credit Corporation (CCC) loans reported under election .
CCC loans forfeited . . . . . . . . .
5b

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.

.

6

Crop insurance proceeds and federal crop disaster payments (see instructions):
Amount received in 2023
. . . . . . .
6a
6b
If election to defer to 2024 is attached, check here . . . . . . .
6d

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3b Taxable amount

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1c
2
3b

4b Taxable amount
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5c Taxable amount

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4b
5a
5c

Taxable amount
. . .
Amount deferred from 2022

Custom hire (machine work) income . . . . . . . . . . . . . . . . . .
Other income, including federal and state gasoline or fuel tax credit or refund (see instructions) .

9

Gross income. Add amounts in the right column (lines 1c, 2, 3b, 4b, 5a, 5c, 6b, 6d, 7, and 8). If you use the
accrual method, enter the amount from Part III, line 50. See instructions . . . . . . . . . . . . .

10

7
8
9

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23

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24a
24b

14

25
26
27

Repairs and maintenance .
Seeds and plants . . .
Storage and warehousing

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25
26
27

28
29
30

Supplies .
Taxes
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Utilities .

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28
29
30

31
32

Veterinary, breeding, and medicine .
Other expenses (specify):

31

Conservation expenses (see instructions)

13

Custom hire (machine work) .

13

14

Depreciation and section 179 expense
(see instructions) . . . . . .

15

Employee benefit programs other than
on line 23 . . . . . . . .

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16

Feed

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15
16

17
18
19

Fertilizers and lime
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Freight and trucking .
Gasoline, fuel, and oil .

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17
18
19

20
21

Insurance (other than health)
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Interest (see instructions):
Mortgage (paid to banks, etc.) .

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20

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21a

35
36
a

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Rent or lease (see instructions):
Vehicles, machinery, equipment .
Other (land, animals, etc.) . . .

Chemicals .

34

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Pension and profit-sharing plans .

12

33

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24

11

22

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23
10
11
12

b

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6b
6d

Farm Expenses—Cash and Accrual Method. Do not include personal or living expenses. See instructions.

Car and truck expenses (see
instructions). Also attach Form 4562

a

No
No
No

1a
1b

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7
8

Part II

Yes
Yes
Yes

Farm Income—Cash Method. Complete Parts I and II. (Accrual method. Complete Parts II and III, and Part I, line 9.)

1a
b

a
c

14

Social security number (SSN)

Name of proprietor

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a
b

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a

32a

b
c
d

32b
32c
32d

21b
e
f
22
Total expenses. Add lines 10 through 32f. If line 32f is negative, see instructions .

32e
32f

Other . . . . . . . . .
Labor hired (less employment credits)

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.

Net farm profit or (loss). Subtract line 33 from line 9 . . . . . . . . . . . . . . . . .
If a profit, stop here and see instructions for where to report. If a loss, complete line 36.
Reserved for future use.
Check the box that describes your investment in this activity and see instructions for where to report your loss:
All investment is at risk.
b
Some investment is not at risk.

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For Paperwork Reduction Act Notice, see the separate instructions.

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Cat. No. 11346H

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33
34

Schedule F (Form 1040) 2023

Page 2

Schedule F (Form 1040) 2023

Part III

Farm Income—Accrual Method (see instructions)

37

Sales of livestock, produce, grains, and other products (see instructions)

38a

Cooperative distributions (Form(s) 1099-PATR)

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38a

39a

Agricultural program payments .

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39a

40
a

Commodity Credit Corporation (CCC) loans:
CCC loans reported under election . . . .

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b

CCC loans forfeited

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40b

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37

38b Taxable amount

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38b

39b Taxable amount

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39b

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40a

Taxable amount

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40c

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40c

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41

Crop insurance proceeds

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41

42

Custom hire (machine work) income

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42

43

Other income (see instructions) .

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43

44

Add amounts in the right column for lines 37 through 43 (lines 37, 38b, 39b, 40a, 40c, 41, 42, and 43) .

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44

45

Inventory of livestock, produce, grains, and other products at beginning of the year. Do
not include sales reported on Form 4797 . . . . . . . . . . . . . .

45

46

Cost of livestock, produce, grains, and other products purchased during the year .

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46

47

Add lines 45 and 46

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47

48

Inventory of livestock, produce, grains, and other products at end of year

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48

49

Cost of livestock, produce, grains, and other products sold. Subtract line 48 from line 47*

50

Gross income. Subtract line 49 from line 44. Enter the result here and on Part I, line 9

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49

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50

* If you use the unit-livestock-price method or the farm-price method of valuing inventory and the amount on line 48 is larger than the amount on line
47, subtract line 47 from line 48. Enter the result on line 49. Add lines 44 and 49. Enter the total on line 50 and on Part I, line 9.

Part IV

Principal Agricultural Activity Codes

Do not file Schedule F (Form 1040) to report the
following.
• Income from providing agricultural services such as
CAUTION
soil preparation, veterinary, farm labor, horticultural
services if your principal source of income is from providing
such services. Instead, see the Instructions for Schedule C
(Form 1040).
• Income from breeding, raising, or caring for dogs, cats, or
other pet animals. Instead, see the Instructions for Schedule C
(Form 1040).
• Income from managing a farm for a fee or on a contract basis.
Instead, see the Instructions for Schedule C (Form 1040).
• Sales of livestock held for draft, breeding, sport, or dairy
purposes. Instead, see the Instructions for Form 4797.

!
▲

These codes for the Principal Agricultural Activity classify
farms by their primary activity to facilitate the administration of
the Internal Revenue Code. These six-digit codes are based on
the North American Industry Classification System (NAICS).
Select the code that best identifies your primary farming
activity and enter the six-digit number on line B.

111300
111400
111900

Fruit and tree nut farming
Greenhouse, nursery, and floriculture production
Other crop farming

Animal Production
112111
Beef cattle ranching and farming
112112
Cattle feedlots
112120
Dairy cattle and milk production
112210
Hog and pig farming
112300
Poultry and egg production
112400
Sheep and goat farming
112510
Aquaculture
112900
Other animal production
Forestry and Logging
113000
Forestry and logging (including forest nurseries and
timber tracts)
113110
Timber tract operations
113210
Forest nurseries and gathering of forest products
113310
Logging

Crop Production
111100
Oilseed and grain farming
111210
Vegetable and melon farming
Schedule F (Form 1040) 2023