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Farm Income - Crop Insurance Proceeds

Article ID: 34803  

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Farm Income - Crop Insurance Proceeds

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Farm Income - Crop Insurance Proceeds

In most cases, you must report crop insurance proceeds in the year you receive them. Federal crop disaster payments are treated as crop insurance proceeds. However, if 2014 was the year of damage, you can elect to include certain proceeds in income for 2015. To make this election, check the box on line 6c and attach a statement to your return. See chapter 3 of Pub. 225 for a description of the proceeds for which an election can be made and for what you must include in your statement.

If you elect to defer any eligible crop insurance proceeds, you must defer all such crop insurance proceeds (including federal crop disaster payments) from a single trade or business.

Enter on line 6a the total crop insurance proceeds you received in 2014, even if you elect to include them in income for 2015.

Enter on line 6b the taxable amount of the proceeds you received in 2014. Do not include proceeds you elect to include in income for 2015.

Enter on line 6d the amount, if any, of crop insurance proceeds you received in 2013 and elected to include in income for 2014.

Farm Income Schedule F


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Views: 1008 Created on: Jun 15, 2013