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Farm Income - Crop Insurance Proceeds

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Farm Income - Crop Insurance Proceeds

Answer
In general, you must report crop insurance proceeds in the year you receive them. Federal crop disaster payments are treated as crop insurance proceeds. However, you can elect to include them in the current or year of damage per Pub 525. To make this election, attach a statement to your return.  See IRS Pub. 225 for a description of the proceeds for which an election can be made and for what you must include in your statement. 
Generally, if you elect to defer any eligible crop insurance proceeds, you must defer all such crop insurance proceeds (including Federal disaster payments).
For more information see  http://www.irs.gov/pub/irs-pdf/i1040sf.pdf

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Views: 1059 Created on: Jun 15, 2013
Date updated: Dec 07, 2018

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