Income Tax Deferral of Crop Insurance and/or Disaster Payments

Roger McEowen of the Center for Agricultural Law and Taxation at Iowa State University has this backgrounder on income tax treatment of crop insurance proceeds.

Compiled by staff

Published: Jul 30, 2012

The drought in significant parts of the corn-belt during the summer of 2012 has raised familiar questions about deferability of crop insurance proceeds. The issue is especially important for those farmers that have a history of reporting crop income in the year after the year of harvest. The Internal Revenue Code allows deferability of crop insurance proceeds if certain requirements are satisfied.

Continue reading at:
http://www.farmdocdaily.illinois.edu/2012/07/the_2012_drought_and_income_ta.html

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