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Form 668-B online Naperville Illinois: What You Should Know
You may also have other information such as a farm's cash flows, expenses, and assets. Entering Farm Information Fill in boxes to define your farm. Then you must enter a name, address, phone number, and bank or financial account number. If you are a sub-lessor, enter your name and address in a box next to the sub-lessor status. Type of Facility. A single-family house is considered “A” property. This is the case because your land is no longer owned at that point, you are leasing space on it, and it is owned by someone else. Examples: a small building next door to a large house, or a small shed right next to a massive barn. A school building is a “B” property, as are small and medium-sized businesses. Examples: a large building next to a small one, or a school with a few small offices and classrooms. Sub-lessor property is not considered “A” property, because the sub-lessor owns the property outright. Examples: a small building or shed directly across the street from a large one, or a small shed across the street from a huge one. Farm-related Facility. This applies when you rent space from a landlord, or if a landlord owns the property that you are leasing, and rent it out to others. Sub-lessor property is not considered owning the property on its own, so you must use the term “farm-related facility”. Examples: a small shed next to an enormous barn, or a school complex with a few classrooms and offices. Specialty Facility. This includes buildings that have something that only one person normally uses, such as an office complex or a business park. Examples: an office building, a large hall used for sports, etc. The “Name” box tells the IRS which farm, if any, the taxpayer is leasing, or which facility (or buildings) you are leasing. The “Address” box gives the location of the farm property, but you may enter either an address or a street name and/or city. The “Deduction Categories” box allows a range of possible deductions for the business and farm expense categories shown in the Table of Contents. It is not necessary to enter all categories; the IRS can fill in all you need. If it cannot, enter “none”, and the information should be entered in the proper box.
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