Tax guidance for recent damages caused by derecho storm
Midwest producers work to recover from last week’s derecho, which caused substantial damage to crops across the region. Farmers now look for tax guidance on crop insurance they have received for the damages.
Ag CPA Paul Neiffer speaks with RFD-TV’s own Janet Adkison on how crop insurance is taxed and if farmers can defer governmental disaster payments. “As long as the farmer typically defers reporting or selling grain until the year after harvest... if they typically sell more than 50 percent of their crop in the year after harvest they’re allowed to defer the portions of the damages into the following year,” Neiffer notes.
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