NEWS
Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon May 19, 2014 11:26 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.

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