KY 51A158 2021-2024 free printable template

51A158 (921)Commonwealth of Kentucky DEPARTMENT OF REVENUEIMPORTANTFARM EXEMPTION Certificates Reverse Side for Additional InformationThis certificate may not be issued for purchases of tangible personal

How to fill out kentucky farm exemption 2021-2024

How to fill out Kentucky farm exemption:

1. Obtain the necessary forms: The Kentucky farm exemption form can be obtained from the Kentucky Department of Revenue's website or by visiting a local Kentucky Department of Revenue office.
2. Provide personal information: Fill in your name, address, and social security number or tax identification number on the form.
3. Describe the farm operation: Provide details about your farm operation, including the type of farming activities conducted, the size of the farm, and the number of animals or crops produced.
4. Calculate annual gross farm income: Determine the total gross income generated from your farm operation during the previous tax year and provide this information on the form.
5. Submit supporting documents: Attach any necessary supporting documents, such as profit and loss statements, tax returns, or other financial records that validate the farm income reported.
6. Sign and date the form: Review the completed form for accuracy, sign it, and include the date of submission.
7. Submit the form: Mail or deliver the completed form and any supporting documents to the Kentucky Department of Revenue.

Who needs Kentucky farm exemption:

1. Individuals engaged in farming activities: Anyone who operates a farm in Kentucky and generates income from farming activities may need to apply for the Kentucky farm exemption.
2. Farm owners: Individuals who own agricultural land and lease it to others for farming purposes may also need the Kentucky farm exemption.
3. Exemption eligibility requirements: The Kentucky farm exemption is designed for individuals or entities that meet specific eligibility criteria defined by the Kentucky Department of Revenue. These criteria may include minimum acreage requirements, income thresholds, and active involvement in farming operations. It is important to consult the Kentucky Department of Revenue or a tax professional to determine if you qualify for the farm exemption.

People Also Ask about kentucky farm exemption

What is the tax break for farming in Kentucky?

Farmers wanting to sell agricultural land and assets may be eligible for a Kentucky income tax credit up to 5% of the purchase price of qualifying agricultural assets, subject to a $25,000 calendar year cap and a $100,000 lifetime cap.

How many acres is a farm exempt in Kentucky?

The Kentucky Revised Statute 132.010 (9, 10, 11) defines agricultural land as any tract of land, including all income producing improvements of at least 10 contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or crops including

What is farm exempt items in Kentucky?

Examples of items which qualify for exemption in addition to the more commonly known items of “farm machinery” are: irrigation systems, tobacco curing equipment, farm wagons, portable insecticide sprayers, chain saws, mechanical cleaning equipment, mechanical shop equipment, mechanical posthole diggers, silo unloaders

How do you qualify as a farm in ky?

The Kentucky Revised Statute 132.010 (9, 10, 11) defines agricultural land as any tract of land, including all income producing improvements of at least 10 contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or crops including

What is farm exempt in ky?

A new Kentucky law requires that farmers apply for an Agriculture Exemption Number to make qualified purchases for the farm exempt from sales tax. Farmers may still use Forms 51A158 and 51A159 without an Agriculture Exemption Number through June 30, 2022, by using their driver's license number.

For pdfFiller’s FAQs

What is kentucky farm exemption?

Kentucky Farm Exemption is an exemption from certain taxes, including sales and uses taxes and real and personal property taxes, that is available to qualified farms in the state of Kentucky. Qualified farms must be actively engaged in agricultural production for commercial purposes and meet other criteria established by the Kentucky Department of Revenue.

How to fill out kentucky farm exemption?

1. Fill out the Kentucky Farm Exemption form (Form 51A135). 2. Provide your name and address. 3. Describe the type of farming you do. 4. List the types of products you produce. 5. List the number of acres you farm. 6. Provide a copy of your most recent tax return. 7. Attach any additional documentation (such as a lease, deed, etc.) that may be needed to prove your farm status. 8. Sign and date the form. 9. Submit the form to your local County Clerk's office.

What is the purpose of kentucky farm exemption?

The Kentucky Farm Exemption is a tax exemption available to farmers in the state of Kentucky. It allows farmers to be exempt from state sales and use taxes on items that are used directly in the production of agricultural products. This can include machinery, equipment, supplies, and fuel used on the farm.

What information must be reported on kentucky farm exemption?

In order to be eligible for the Kentucky Farm Exemption, a farm must meet certain criteria. A farm must have land used for agricultural production, be owned by the same person or entity for at least two years, have at least 50% of its gross income derived from agricultural production, and have a gross income of at least $2,500 per year. In addition, the farm must meet certain other criteria in order to qualify for the exemption. These additional criteria include having an agricultural plan approved by the Kentucky Department of Agriculture, filing an annual report with the Department of Agriculture, and paying any required fees.

When is the deadline to file kentucky farm exemption in 2023?

The deadline to file for the Kentucky Farm Exemption in 2023 has not yet been determined. It is recommended that you check with the Kentucky Department of Revenue for the most up-to-date information.

What is the penalty for the late filing of kentucky farm exemption?

The penalty for the late filing of a Kentucky farm exemption is a $50 fee.

Who is required to file kentucky farm exemption?

In the state of Kentucky, individuals or entities are required to file for the Kentucky Farm Exemption if they own or operate a farm and wish to claim an exemption from certain taxes, such as property taxes. This applies to farmers who meet the eligibility criteria determined by the Kentucky Department of Revenue. Further information can be obtained from the Kentucky Department of Revenue or a tax professional.

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