Renting Farmland (as cash)

[PeterVaclav]

I am renting 20% of my farmland for cash. It is rental income which I 
receive in cash. Where do i enter this info in UFILE. 

All I can find on UFILE is income from renting a rental unit - which is 
not the same thing. I know there is an option for this on Form T776.

Thanks in advance,

Peter

 

[TheTaxSmith]

Hello PeterVaclav.

You use Form T776, rental income.

But if you are farming the other 80% of the land as an active farm you could consider including the rent in your farm statement as farm land rent.

[PeterVaclav]

Hi TheTaxSmith,

Thank you very much for your advice. But excuse me if I'm a bit obtuse - where in "UFILE ONLINE" is there an option to fill in a space that corresponds to line-8230 on Form T776

i.e. Ln-8240 says  "Other income (for example, premiums and leases, sharecropping)* . . . . . . . . . . . . . . . . . . . . ".  

I just can't see this option in UFILE's interview section for T776.

Any help would be greatly appreciated.

 

Thanks

[PeterVaclav]

Correction :i.e. Ln-8230 says  "Other income (for example, premiums and leases, sharecropping)* . . . . . . . . . . . . . . . . . . . . ".  

[TheTaxSmith]

On the T776 data entry select the line under "Other income (specify)", type in the description and enter the amount. When you view the return you will see the entry at Line 8230 on the T776.