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The following critical diagnostic is generating: According to federal Schedule F instructions, if the taxpayer and spouse jointly own and operate a farm, they are considered partners in a partnership and should file a partnership return. However, an election may be made under IRC Section 761(f) to file two separate Schedule's F instead of a partnership return. All items of income and expense must be allocated to each taxpayer according to the ratio of ownership. If you wish to make this election, a second Schedule F and related forms must be created in the program to follow the reporting guidelines. Taxpayer's that wholly own a farm as community property under the community property laws of a state, foreign country, or U.S. possession, may treat the farm as a single farm or as a partnership. Refer to Schedule F and/or IRS Publication 541 for more for more information. HOW DO I CLEAR THIS CRITICAL DIAGNOSTIC? Texas is a community property state.
