A farm’s financial performance is commonly measured by net farm income, net cash farm income, and the farm household’s income or loss from the farm business. Slightly more than half of all U.S. farm households face a loss from their farm business in any given year. But other factors may also affect households’ economic returns from farming. For example, many households contribute unpaid labor to their farm, which is not included in the commonly used net income measures. This study examines returns to farming using the net income measures and an alternative measure that adjusts for the “opportunity” costs of capital and unpaid household labor—the costs of using these resources in farming rather than in some other pursuit. In addition, the study estimates two often-overlooked economic returns to farming: tax-loss benefits from farming and farmland appreciation.