NEWS
Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon Sep 17, 2012 02:58 PM CDT

With major drought hitting most of the Corn Belt, it's an appropriate time to refresh on the election to defer crop insurance proceeds one tax year. It seems simple, but there are a surprising number of details.

THE ALL-OR-NONE RULE

Many producers will receive multiple payments on private crop insurance on top of record prices for the crops they did harvest. Any crop insurance deferral election must cover all proceeds received within the year of the disaster. It is not possible to defer a portion or to be selective among different payors.

PAST DEFERRAL PATTERN

To be eligible to make ...

Quick View
  • The Trouble With Talc Planting can be dusty work, but a little housekeeping is in order to protect pollinators this spr...
  • Fescue Workaround Fescue can be a challenge, but Butch Foster said he and his dad, Bob, put 200 to 250 pounds on ca...
  • Ask the Taxman by Andy Biebl Readers pose tax questions on how to justify repairs, handle capital gains on a residence and com...
  • Senior Partners - 1 Think how rural communities could rejuvenate if farmland rents stayed local rather than flowing t...
  • Sample With Precision Dan Davidson looks at how to measure the horsepower of your soil with the Solvita soil respiratio...
  • USDA Defines Actively Engaged Under the 2014 farm bill, family operations are exempted from proposed changes in actively engage...
  • New Paths Max payments forecast in areas of hardest-hit 2014 corn yields.
  • She's Got It All Alicia Mielke is a farm girl originally from Harrington, Wash., who continues to lend a hand to h...
  • Ask the Vet Would a bull with an undescended testicle or one that was a hard pull at birth be worthy of breed...
Related News Stories
Ask the Taxman by Andy Biebl
IRS Resets Clock on ACA Penalties
Permanent Section 179 Fix
Ask the Taxman by Andy Biebl
Down but Not Out
Tax Outlook
SCO Sticker Shock
Ask the Taxman by Andy Biebl
Fines for Fringe Benefits