Farm Income - Other Income

Enter online 8 income not otherwise reportable on lines 1 through 7. This includes the following types of income.

• Illegal federal irrigation subsidies. See chapter 3 of Pub. 225.

• Bartering income.

• Income from cancellation of debt. In most cases, if a debt is canceled or forgiven, you must include the canceled amount in income. If a federal agency, financial institution, or credit union canceled or forgave a debt you owed of $600 or more, it should send you a Form 1099-C, or similar statement, by January 31, 2022, showing the amount of debt canceled in 2021. However, you may be able to exclude the canceled debt from income. See Pub. 4681 for details.

• State gasoline or fuel tax refunds you received in 2021.

• Any amount included in income from line 2 of Form 6478, Biofuel Producer Credit.

• Any amount included in income from line 8 of Form 8864, Biodiesel and Renewable Diesel Fuels Credit.

• The amount of credit for federal tax paid on fuels claimed on your 2020 Schedule 3 (Form 1040). For information on including the credit in income, see chapter 2 of Pub. 510.

• Any recapture of excess depreciation on any listed property, including any section 179 expense deduction, if the business use percentage of that property decreased to 50% or less in 2021. Use Part IV of Form 4797 to figure the recapture. See the instructions for Schedule C (Form 1040), line 13, for the definition of listed property.

• The inclusion amount on leased listed property (other than vehicles) when the business use percentage drops to 50% or less. See chapter 5 of Pub. 946 to figure the amount. • Any recapture of the deduction or credit for clean-fuel vehicle refueling property or alternative fuel vehicle refueling property used in your farming business. For details on how to figure recapture, see Regulations section 1.179A-1.

• Any income from breeding fees, or fees from renting teams, machinery, or land that isn't reported on Schedule E (Form 1040) or Form 4835.

• The gain or loss on the sale of commodity futures contracts if the contracts were made to protect you from price changes. These are a form of business insurance and are considered hedges. If you had a loss in a closed futures contract, enclose the amount of the loss in parentheses.

• Any amount of credit for qualified sick and family leave wages from Form(s) 941, lines 11b and 13c; Form(s) 943, lines 12b and 14d; and Form(s) 944, lines 8b and 10d.

Purchase or sales contracts aren't true hedges if they offset losses that already occurred. If you bought or sold commodity futures with the hope of making a profit due to favorable price changes, report the profit or loss on Form 6781 instead of this line

For more information see http://www.irs.gov/pub/irs-pdf/i1040sf.pdf