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Federal housing law

1225 Form 1062 (PDF)

Federal housing law as enacted — verbatim and citable.

Edition
2026-10-03
Last updated
2026-10-04
Jurisdiction
United States
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Official source: IRS Forms, Instructions & Publications (https://www.irs.gov/pub/irs-pdf/f1062.pdf), retrieved 2026-10-03. U.S. Government work (17 U.S.C. § 105).

Form

1062

(December 2025)

Department of the Treasury Internal Revenue Service

Exceptions & meaning →

Deferral of Tax on Gain From the Sale or Exchange of

OMB No. 1545-0074

Attachment Sequence No. 106

Exceptions & meaning →

Qualified Farmland Property to Qualified Farmers

File with your tax return. Go to www.irs.gov/Form1062 for instructions and the latest information.

Name Identifying number

File this form with your return to elect under section 1062 to defer net income tax attributable to the gain on the sale or exchange of qualified farmland property during the tax year. File a separate Schedule A (Form 1062) for each qualified sale or exchange of qualified farmland that you want to take into account for purposes of this election. Enter the total number of Schedules A (Form 1062) you are filing . . . . . . . . . . . . . . . . . Part I Net Income Tax (Determined Including Section 1062 Gain Recognized From the Sale or Exchange of Qualified Farmland Property)

1 Regular income tax (Form 1120, Schedule J, line 1a, or the applicable line of
your return) . . . . . . . . . . . . . . . . . . . . . . 1
2 Additions to regular tax (see instructions) . . . . . . . . . . . . 2
3 Regular tax liability. Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . .
4 a Foreign tax credit . . . . . . . . . . . . . . . . . . . . 4a
b Nonrefundable personal credits . . . . . . . . . . . . . . . 4b
c General business credits . . . . . . . . . . . . . . . . . . 4c
d Other credits (see instructions) . . . . . . . . . . . . . . . . 4d
z Total applicable credits. Add lines 4a through 4d . . . . . . . . . . . . . . . . . .
5 Net income tax. Subtract line 4z from line 3 . . . . . . . . . . . . . . . . . . .		 1 3
**1 **
Regular income tax (Form 1120, Schedule J, line 1a, or the applicable line of
your return) .
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1
**2 **
Additions to regular tax (see instructions) .
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2
**3 **
Regular tax liability. Add lines 1 and 2
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4 a
Foreign tax credit .
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4a
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Nonrefundable personal credits
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4b
c
General business credits .
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4c
d
Other credits (see instructions) .
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4d
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Total applicable credits. Add lines 4a through 4d .
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5
Net income tax. Subtract line 4z from line 3
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 2
**1 **
Regular income tax (Form 1120, Schedule J, line 1a, or the applicable line of
your return) .
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1
**2 **
Additions to regular tax (see instructions) .
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2
**3 **
Regular tax liability. Add lines 1 and 2
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4 a
Foreign tax credit .
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4a
b
Nonrefundable personal credits
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4b
c
General business credits .
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4c
d
Other credits (see instructions) .
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4d
z
Total applicable credits. Add lines 4a through 4d .
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5
Net income tax. Subtract line 4z from line 3
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 2 4z
**1 **
Regular income tax (Form 1120, Schedule J, line 1a, or the applicable line of
your return) .
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1
**2 **
Additions to regular tax (see instructions) .
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2
**3 **
Regular tax liability. Add lines 1 and 2
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4 a
Foreign tax credit .
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4a
b
Nonrefundable personal credits
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4b
c
General business credits .
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4c
d
Other credits (see instructions) .
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4d
z
Total applicable credits. Add lines 4a through 4d .
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5
Net income tax. Subtract line 4z from line 3
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 2 5

Exchange of Qualified Farmland Property to Qualified Farmers

6 Taxable income (Form 1120, line 30, or the applicable line of your return) . . . . . . . . . .
7 Total elected section 1062 gain from the sale or exchange of qualified farmland property to a qualified
farmer. Enter the total from all Schedules A (Form 1062), line 13 . . . . . . . . . . . . .
8 Taxable income excluding section 1062 gain on line 7. Subtract line 7 from line 6. If zero or less, enter -0-
9 Refigure your income tax on line 1 using line 8 as your taxable income . . 9
10 Refigure any additions to tax on line 2 using line 8 as your taxable income . 10
11 Redetermined regular tax liability. Add lines 9 and 10 . . . . . . . . . . . . . . . .
12 Refigure the credits on lines 4a through 4d using line 11 instead of line 3 as your regular tax liability.
a Foreign tax credit . . . . . . . . . . . . . . . . . . . . 12a
b Nonrefundable personal credits . . . . . . . . . . . . . . . 12b
c General business credits . . . . . . . . . . . . . . . . . . 12c
d Other credits (see instructions) . . . . . . . . . . . . . . . . 12d
z Total applicable credits. Add lines 12a through 12d. Do not enter more than line 11 . . . . . .
13 Redetermined net income tax. Subtract line 12z from line 11 . . . . . . . . . . . . . .		 6
6
Taxable income (Form 1120, line 30, or the applicable line of your return)
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7
Total elected section 1062 gain from the sale or exchange of qualified farmland property to a qualified
farmer. Enter the total from all Schedules A (Form 1062), line 13 .
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8
Taxable income excluding section 1062 gain on line 7. Subtract line 7 from line 6. If zero or less, enter -0-
9
Refigure your income tax on line 1 using line 8 as your taxable income
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9
10
Refigure any additions to tax on line 2 using line 8 as your taxable income
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10
11
Redetermined regular tax liability. Add lines 9 and 10
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12
Refigure the credits on lines 4a through 4d using line 11 instead of line 3 as your regular tax liability.
a
Foreign tax credit .
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12a
b
Nonrefundable personal credits
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12b
c
General business credits .
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12c
d
Other credits (see instructions) .
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12d
z
Total applicable credits. Add lines 12a through 12d. Do not enter more than line 11
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13
Redetermined net income tax. Subtract line 12z from line 11 .
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 7
6
Taxable income (Form 1120, line 30, or the applicable line of your return)
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.
.
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.
.
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7
Total elected section 1062 gain from the sale or exchange of qualified farmland property to a qualified
farmer. Enter the total from all Schedules A (Form 1062), line 13 .
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.
.
.
.
.
.
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8
Taxable income excluding section 1062 gain on line 7. Subtract line 7 from line 6. If zero or less, enter -0-
9
Refigure your income tax on line 1 using line 8 as your taxable income
.
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9
10
Refigure any additions to tax on line 2 using line 8 as your taxable income
.
10
11
Redetermined regular tax liability. Add lines 9 and 10
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12
Refigure the credits on lines 4a through 4d using line 11 instead of line 3 as your regular tax liability.
a
Foreign tax credit .
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12a
b
Nonrefundable personal credits
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12b
c
General business credits .
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12c
d
Other credits (see instructions) .
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12d
z
Total applicable credits. Add lines 12a through 12d. Do not enter more than line 11
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13
Redetermined net income tax. Subtract line 12z from line 11 .
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 **8 **
6
Taxable income (Form 1120, line 30, or the applicable line of your return)
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.
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7
Total elected section 1062 gain from the sale or exchange of qualified farmland property to a qualified
farmer. Enter the total from all Schedules A (Form 1062), line 13 .
.
.
.
.
.
.
.
.
.
.
.
.
8
Taxable income excluding section 1062 gain on line 7. Subtract line 7 from line 6. If zero or less, enter -0-
9
Refigure your income tax on line 1 using line 8 as your taxable income
.
.
9
10
Refigure any additions to tax on line 2 using line 8 as your taxable income
.
10
11
Redetermined regular tax liability. Add lines 9 and 10
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12
Refigure the credits on lines 4a through 4d using line 11 instead of line 3 as your regular tax liability.
a
Foreign tax credit .
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12a
b
Nonrefundable personal credits
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12b
c
General business credits .
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12c
d
Other credits (see instructions) .
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12d
z
Total applicable credits. Add lines 12a through 12d. Do not enter more than line 11
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13
Redetermined net income tax. Subtract line 12z from line 11 .
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 11
6
Taxable income (Form 1120, line 30, or the applicable line of your return)
.
.
.
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.
.
.
.
7
Total elected section 1062 gain from the sale or exchange of qualified farmland property to a qualified
farmer. Enter the total from all Schedules A (Form 1062), line 13 .
.
.
.
.
.
.
.
.
.
.
.
.
8
Taxable income excluding section 1062 gain on line 7. Subtract line 7 from line 6. If zero or less, enter -0-
9
Refigure your income tax on line 1 using line 8 as your taxable income
.
.
9
10
Refigure any additions to tax on line 2 using line 8 as your taxable income
.
10
11
Redetermined regular tax liability. Add lines 9 and 10
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12
Refigure the credits on lines 4a through 4d using line 11 instead of line 3 as your regular tax liability.
a
Foreign tax credit .
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12a
b
Nonrefundable personal credits
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12b
c
General business credits .
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12c
d
Other credits (see instructions) .
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12d
z
Total applicable credits. Add lines 12a through 12d. Do not enter more than line 11
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13
Redetermined net income tax. Subtract line 12z from line 11 .
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 12z
6
Taxable income (Form 1120, line 30, or the applicable line of your return)
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.
.
.
7
Total elected section 1062 gain from the sale or exchange of qualified farmland property to a qualified
farmer. Enter the total from all Schedules A (Form 1062), line 13 .
.
.
.
.
.
.
.
.
.
.
.
.
8
Taxable income excluding section 1062 gain on line 7. Subtract line 7 from line 6. If zero or less, enter -0-
9
Refigure your income tax on line 1 using line 8 as your taxable income
.
.
9
10
Refigure any additions to tax on line 2 using line 8 as your taxable income
.
10
11
Redetermined regular tax liability. Add lines 9 and 10
.
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.
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.
.
.
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.
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.
12
Refigure the credits on lines 4a through 4d using line 11 instead of line 3 as your regular tax liability.
a
Foreign tax credit .
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12a
b
Nonrefundable personal credits
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12b
c
General business credits .
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12c
d
Other credits (see instructions) .
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12d
z
Total applicable credits. Add lines 12a through 12d. Do not enter more than line 11
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13
Redetermined net income tax. Subtract line 12z from line 11 .
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 13

14 Total section 1062 applicable net tax liability. Subtract line 13 from line 5. Enter here and on Form 1120, Schedule J, line 22b, or the applicable line of your return. See instructions . . . . . . . 14 15 First installment due. Enter 25% (0.25) of line 14 here and on Form 1120, line 32, or the applicable line of your return. See instructions . . . . . . . . . . . . . . . . . . . . . . 15 For Paperwork Reduction Act Notice, see separate instructions. Cat. No. 95880Q Form 1062 (12-2025) Created 12/12/25

Exceptions & meaning →

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