What must be included with my claim for a farmland preservation tax credit?

Paper Filed Return

To claim a farmland preservation tax credit when paper filing your MI-1040, you must also file:

  • Farmland Preservation Tax Credit Claim (MI-1040CR-5).

  • Schedule of Taxes and Allocation to Each Agreement (Schedule CR-5).

  • A schedule of your Total Household Resources (MI-1040CR, MI-1040CR-2, or MI-1040CR-7).

  • Property tax statements which show the taxable value and an itemized listing of the taxes levied for all land being claimed.

  • A copy of pages 1 and 2 of your U.S. 1040.

  • Copies of U.S. Schedules C, D, E, F; and U.S. Forms 4797, 4835, 1065, 1120S and Schedule K-1s if you filed them with your federal return.

 

E- Filed Return

To claim a farmland preservation tax credit when e-filing your MI-1040, you must also file:

  • Farmland Preservation Tax Credit Claim (MI-1040CR-5).

  • Schedule of Taxes and Allocation to Each Agreement (Schedule CR-5).

  • A schedule of your Total Household Resources (MI-1040CR, MI-1040CR-2, or MI-1040CR-7).

  • Pages 1 and 2 of your U.S. 1040, and copies of U.S. Schedules C, D, E, F; and U.S. Forms 4797 and 4835 if you filed them with your federal return.

To expedite the processing of your return, you may include the following PDF attachments:

  • A Farmland Schedule K-1 worksheet which allows claimants to identify the percentages they are allowed to claim for a farmland preservation tax credit.  The Worksheet also allows claimants to identify where the business activity is located, any prior year farmland preservation tax credit included in income, oil and gas income or loss and depletion. It is available on Treasury’s Web site at www.michigan.gov/iit.

  • Property tax statements which show the taxable value and an itemized listing of the taxes levied for land being claimed.