Instructions for Form I-025 Schedule FC Wisconsin Farmland Preservation Credit - Wisconsin

Form I-025 Schedule FC Farmland Preservation Credit - Wisconsin

This document contains official instructions for Form I-025 Schedule FC, Wisconsin Farmland Preservation Credit - a form released and collected by the Wisconsin Department of Revenue. An up-to-date fillable Form I-025 Schedule FC is available for download through this link.

FAQ

Q: What is Form I-025 Schedule FC?
A: Form I-025 Schedule FC is a tax form used by individuals in Wisconsin to claim the Farmland Preservation Credit.

Q: What is the Farmland Preservation Credit?
A: The Farmland Preservation Credit is a tax credit available to individuals in Wisconsin who own agricultural land and meet certain eligibility requirements.

Q: Who is eligible for the Farmland Preservation Credit?
A: Individuals who own agricultural land in Wisconsin and meet certain criteria, such as actively farming the land and meeting income requirements, may be eligible for the Farmland Preservation Credit.

Q: What is the purpose of the Farmland Preservation Credit?
A: The purpose of the Farmland Preservation Credit is to encourage the continued use of agricultural land in Wisconsin by providing a tax incentive for individuals who actively farm their land.

Q: How do I claim the Farmland Preservation Credit?
A: To claim the Farmland Preservation Credit, you must complete Form I-025 Schedule FC and include it with your Wisconsin income tax return.

Q: What information do I need to complete Form I-025 Schedule FC?
A: To complete Form I-025 Schedule FC, you will need information about your agricultural land, such as its location, size, and use, as well as information about your income and farming activities.

Q: When is the deadline for filing Form I-025 Schedule FC?
A: The deadline for filing Form I-025 Schedule FC is the same as the deadline for filing your Wisconsin income tax return, which is typically April 15th.

Q: Can I claim the Farmland Preservation Credit if I don't actively farm my land?
A: No, in order to claim the Farmland Preservation Credit, you must be actively farming your land.

Q: Is there a limit to the amount of Farmland Preservation Credit I can claim?
A: Yes, there is a cap on the amount of Farmland Preservation Credit that can be claimed. The maximum credit amount is determined each year by the Wisconsin Department of Revenue.