|
|
|
|
Joined: Feb 2007
Posts: 11,774
Campfire Outfitter
|
OP
Campfire Outfitter
Joined: Feb 2007
Posts: 11,774 |
For you farmers/ranchers that have land in CRP, are there any tax exemptions to the CRP payments, or are they taxed as ordinary income?
Thanks
NRA Patron
|
|
|
|
|
Joined: Feb 2004
Posts: 19,210 Likes: 2
Campfire Ranger
|
Campfire Ranger
Joined: Feb 2004
Posts: 19,210 Likes: 2 |
It's taxed as ordinary income after all costs and expenses have been subtracted. We cash rent some farm ground along with the CRP and it's all taxable. We deduct property tax and farm insurance and anything left over is taxable.
kwg
For liberals and anarchists, power and control is opium, selling envy is the fastest and easiest way to get it. TRR. American conservative. Never trust a white liberal. Malcom X Current NRA member.
|
|
|
|
|
Joined: Feb 2007
Posts: 11,774
Campfire Outfitter
|
|
OP
Campfire Outfitter
Joined: Feb 2007
Posts: 11,774 |
NRA Patron
|
|
|
|
|
Joined: Apr 2013
Posts: 633
Campfire Regular
|
|
Campfire Regular
Joined: Apr 2013
Posts: 633 |
Check with your tax advisor. I believe if you are retired, the CRP is not subject to self employment tax.
G23
|
|
|
|
|
Joined: Sep 2005
Posts: 9,031
Campfire Outfitter
|
|
Campfire Outfitter
Joined: Sep 2005
Posts: 9,031 |
anything you buy to maintain CRP is tax deductible. mower, fuel, torches............
FJB
|
|
|
|
|
Joined: Aug 2002
Posts: 405
Campfire Member
|
|
Campfire Member
Joined: Aug 2002
Posts: 405 |
It's taxed as ordinary income after all costs and expenses have been subtracted. We cash rent some farm ground along with the CRP and it's all taxable. We deduct property tax and farm insurance and anything left over is taxable.
kwg Yep, this is how it works on our farm/hunting property. And I concur w/rockchucker's post, we deduct all that stuff as expenses.
|
|
|
|
|
Joined: Feb 2007
Posts: 11,774
Campfire Outfitter
|
|
OP
Campfire Outfitter
Joined: Feb 2007
Posts: 11,774 |
Thanks again guys. Putting 640 acres in CRP, located in west central Ks.
NRA Patron
|
|
|
|
|
530 members (007FJ, 01Foreman400, 10ring1, 1234, 10gaugeman, 10gaugemag, 66 invisible),
2,400
guests, and
1,390
robots. |
|
Key:
Admin,
Global Mod,
Mod
|
|
|
Forums81
Topics1,192,162
Posts18,484,397
Members73,966
| |
Most Online11,491
Jul 7th, 2023
|
|
|
|
|
|
