FARM BUSINESS NEWS
Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon May 5, 2014 06:47 AM CDT

The nightmare of the 2013 tax return preparation season was the new 3.8% net investment income (NII) tax. The good news is this tax only applies to the extent income on page 1 of the Form 1040 exceeds $200,000 single or $250,000 joint. Income from active farming is exempt, but farm land rental income and gains from the sale of rental land are exposed to this tax. Many farm retirees will not have rental and other income that exceeds the $200,000/$250,000 threshold. But when a land sale occurs and this tax is in play, here are some strategies to consider.

...

Quick View
  • Betting on Shorter Beans Researchers at the University of Nebraska and Purdue University have pinpointed a gene that produ...
  • Super Food Silage has never gone out of fashion in Bath County, Kentucky, even when the lure of $6- to $8-pe...
  • Farmers Pivot Back After Storms The majority of center pivots damaged by severe weather earlier this summer in Nebraska are up an...
  • Pick Contingency Plans - 3 As crop prices and insurance coverage swoon, farmers may need to supplement incomes with federal ...
  • Weathering the Drought Parts of the panhandle and western Oklahoma are still considered as being in extreme or exception...
  • AFBF Appeal The American Farm Bureau Federation asked a federal appeals court to reverse a lower court's Sept...
  • Pick Contingency Plans - 2 Commodity payments are largely capped at $125,000 per person. People must also report under $900,...
  • Ask the Vet Some tips on fly control.
Related News Stories
Ask the Taxman by Andy Biebl
Ask the Taxman by Andy Biebl
IRS Targets "Passive" Landowners
House OKs Business Tax Breaks
Ask the Taxman by Andy Biebl