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
  • Back to Beans Growers considering moving a field from continuous corn back into soybeans should pay special att...
  • The Attraction of Youth Combine genotyping with a yearling bull, or even a weanling, and you're less likely to make a poo...
  • Kubota Steps Up A new mid-range, high-horsepower M7 tractor moves this company into the row-crop arena.
  • SCO Sticker Shock Costs and potential disconnect with county yields make the Supplemental Coverage Option a hard se...
  • Clean Water Goes a Long Way Cleaning up 900 feet of a small creek in Kentucky brings rebirth to water once choked with sedime...
  • Clean Air Lawsuits Filed Several environmental and animal-welfare groups argue in two lawsuits that there is well-document...
  • Ag and Environment Outlook Agriculture continues to watch how the U.S. Environmental Protection Agency implements the propos...
  • Surgery on Plastics Dharma Kodali's goal is to insert soybean oil in the basic ingredient list for PVC plastics.
  • Ask the Vet How should I treat a cow with a swelling on her flank?
Related News Stories
Tax Outlook
SCO Sticker Shock
Ask the Taxman by Andy Biebl
Fines for Fringe Benefits
Year-End Tax Panic
Barge Tax Faces House Vote
Tax Extenders Talk Heats Up