AgTalk Home
AgTalk Home
Search Forums | Classifieds (3) | Skins | Language
You are logged in as a guest. ( logon | register )

Schedule F tax-related question
View previous thread :: View next thread
   Forums List -> Kitchen TableMessage format
 
nwksmilo
Posted 1/4/2021 11:35 (#8721898)
Subject: Schedule F tax-related question



Colby, KS

My operation is somewhat unique in that a good portion of my income is custom work.  Therefore, when I buy supply inputs (fertilizer, chemicals, etc.), I typically apply part of the quantity to my own acres and part is resold to customers.  I have found it difficult if not impossible to find an accounting software package that allows for this.  All of them that I have demoed include all of the cost of the chemicals as farm expense chemicals on my Schedule F and not as cost of goods held for resale.

It is easy enough to keep track of income for my Schedule F.  My application fee goes into custom hire line 7.  I've been recording the gross sales of supplies as "other resale items" line 1a.

But my question is on the expense side.  Is it important for the cost of my resold supplies to go on line 1b (cost of other items reported on line 1a? Or can it just be lumped into the farm expense categories (chemicals/fertilizer)?  

All the software I've tried out just calls it farm expense and would have nothing  for me to report as cost of resold items in Part 1. 

I'm investigating purchasing new accounting software for my operation and want to make sure I get one that can be somehow made to do it right if this is an important issue.

Thanks for any info.

Top of the page Bottom of the page


Jump to forum :
Search this forum
Printer friendly version
E-mail a link to this thread

(Delete cookies)