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Form 4835 - Crop Insurance Proceeds

Article ID: 33887  

Question
Form 4835 - 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, if you use the cash method of accounting and 2013 was the year of damage, you can elect to include certain proceeds in income for 2014. 

Generally, if you elect to defer any eligible crop insurance proceeds, you must defer all such crop insurance proceeds (including federal crop disaster payments).

For more information see IRS Form 4835 General Instructions.


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Views: 757 Created on: Jun 15, 2013