Glossary

Form 4835 – Farm Rental Income and Expenses

What is Form 4835 – Farm Rental Income and Expenses?

IRS Form 4835, “Farm Rental Income and Expenses,” is a tax form used by individuals or entities that own farmland but rent it out to someone else who does the actual farming. The landowner uses this form to report their income from renting the farmland and deduct related expenses. It’s important for situations where the landowner does not materially participate in the farming operation, which is crucial to understand.

0:00 0:00

100

Glossary Article

Recommended for You

CP503AN Reminder

The CP503AN Reminder is a critical IRS notice alerting taxpayers of outstanding unpaid taxes, acting as a prompt requirement for immediate payment action. Non-compliance may incur penalties.

IRS Notice CP501: Reminder Notice of Balance Due

An IRS Notice CP501 is a reminder that you owe taxes to the IRS. It's important to understand this notice and take appropriate action to avoid further penalties.

State Transit Network Development Credit

The State Transit Network Development Credit is a tax incentive aimed at enhancing public transportation infrastructure. It supports projects that improve state transit systems.

Local Heritage Preservation Credit

The Local Heritage Preservation Credit is a tax incentive designed to encourage the conservation and preservation of historic properties and cultural sites.

Workforce Energy Resilience Training Credit

The Workforce Energy Resilience Training Credit incentivizes training programs that boost energy resilience in the workplace, ensuring compliance and efficiency.

Form 843 – Claim for Refund and Request for Abatement (mentioned previously under relief but critical here)

Understand the significance of Form 843 in tax-related matters and claiming refunds.

Urban Energy Workforce Training Credit

The Urban Energy Workforce Training Credit provides tax incentives for educational programs aimed at increasing workforce skills in the urban energy sector.

Abatement for Overstated Long-Term Care Premium Credits

Abatement for Overstated Long-Term Care Premium Credits involves correcting claims of excessive tax credits related to long-term care insurance premiums. Its primary purpose is to ensure compliance and accurate tax filings.

Assessment Lien

An assessment lien is a legal claim placed on a property by a government entity for unpaid property taxes or special assessments. It ensures tax or assessment recovery.

Coastal Energy Transition Credit

The Coastal Energy Transition Credit provides tax incentives to promote renewable energy projects in coastal areas, aiding in the transition to sustainable energy sources.

CP503G Reminder

The CP503G Reminder is a crucial IRS notice prompting taxpayers with overdue tax liabilities to make payments or risk further penalties.

Temporary Exhibit Space Rental Deduction

The Temporary Exhibit Space Rental Deduction allows businesses to deduct expenses related to renting temporary exhibit spaces, offering tax relief and facilitating promotional efforts.

Community Solar Program Expansion Credit

The Community Solar Program Expansion Credit offers tax incentives to encourage investment in community solar projects, promoting sustainable energy solutions.

CP276G Penalty for Overstated Home Equity Loan Deductions

The CP276G notice from the IRS penalizes taxpayers for overstating deductions linked to home equity loans. It ensures accurate tax reporting and compliance.

Customized POS Systems Deduction

Customized POS Systems Deduction refers to tax incentives available for businesses that invest in personalized Point of Sale systems. It helps reduce taxable income by accounting for the cost of technology upgrades and tailored solutions.

Tribal Renewable Energy Credit

The Tribal Renewable Energy Credit is a tax incentive designed to support sustainable energy projects within tribal lands, promoting energy independence and economic development.

Judgment Lien and Tax Sale Conflict

Judgment lien and tax sale conflict arises when a property subject to a tax sale also has existing judgment liens. This scenario significantly affects property rights and tax compliance strategies.

Form 8826 – Disabled Access Credit

Form 8826, the Disabled Access Credit, helps small businesses offset costs associated with making their facilities accessible to individuals with disabilities. It's designed to encourage inclusivity by reducing the financial burden of necessary modifications.

Revenue Officer Assessment Letter

A Revenue Officer Assessment Letter is a formal notification from the IRS detailing taxes owed or discrepancies in filings, requiring immediate attention and action.

Business Use of Personal Vehicle Deduction

The Business Use of Personal Vehicle Deduction allows taxpayers to claim expenses related to their personal vehicle when used for business purposes, optimizing tax deductions.