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Farm income and losses must be reported on Schedule F (Form 1040), Profit or Loss From Farming. This form is used to report income and expenses from farming operations, including sales of livestock, crops, and other farm products. Farmers can also use Schedule F to claim deductions for farm-related expenses. Visit the USDA website (https://www.usda.gov/topics/farming/taxes) for more information and resources on reporting farm income and losses.