Tax planning needed for farmers receiving crop insurance payments
With the probability of crop losses due to weather, farmers may be receiving crop insurance indemnity payments. Any crop insurance proceeds you receive need to be included as income on your tax return. You generally include that income in the year received.
Crop insurance includes the crop disaster payments received from the federal government as the result of destruction or damage to crops, or the inability to plant crops, because of drought, flood, or any other natural disaster.
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