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March 26, 2013
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Know about farm income and deductions

If you earn money managing or working on a farm, you are in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about farm income and expenses that the IRS wants you to know. 1. Crop insurance proceeds. Insurance payments from crop damage count as income. They should generally be reported the year they are received. 2. Deductible farm expenses. Farmers can deduct ordinary and necessary expenses as business expenses. An ordinary farming expense is one that is common and accepted in the …

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The Nevada Appeal Updated Mar 26, 2013 06:22PM Published Mar 26, 2013 06:22PM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.