Crop insurance may affect tax planning decisions
Corn and soybean yields have been better than expected for many Iowa farmers this year, but for farmers who were caught in drought areas, reduced yields plus the reduced fall harvest insurance price for both corn and soybeans may trigger crop insurance payments.
A farmer who uses the cash accounting method may elect to postpone reporting insurance proceeds on damaged crops from the year of damage to the following year if 50% or more of the crop is normally sold the year following production.
This is determined on a crop-by-crop basis. It is done by making...
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