Yes, if you are renting out land for cash, you can deduct all expenses associated with this income. You will need to report this activity on Schedule E of your tax return. Go to: Federal Taxes (Personal in Home & Business version) - Wages & Income - Scroll down to Rental Properties and Royalties, and report income and expenses associated with the rented land.
These instructions are only for land rented for cash, not percentage of crops or livestock. If land is rented out for percentage of crops or livestock, rent income and expenses should be reported on Form 4835. You can read more about it here: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Forms/What-is-Form-4835--Farm-Rental-Income-a...
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