JoeB Posted March 11, 2016 Report Posted March 11, 2016 Farmer taxpayer receives Form CCC-1099-G with amounts in Box 7 (Total Ag Payments) and Box 9 (Market Gain). The amount in Box 9 (Market Gains) is also included in the total in Box 7. Presumably, the Box 9 Market Gain is not taxable since it is already included in Total Ag Payments? Surprisingly, first year this taxpayer has ever had a Market Gain. Thanks! Quote
DANRVAN Posted March 14, 2016 Report Posted March 14, 2016 Are you sure box 9 is also included in box 7? Does that agree with the amount of income per taxpayer's records? Pub 225 has details on how to report market gain. Quote
JoeB Posted March 23, 2016 Author Report Posted March 23, 2016 On 3/14/2016 at 9:56 AM, DANRVAN said: Are you sure box 9 is also included in box 7? Does that agree with the amount of income per taxpayer's records? Pub 225 has details on how to report market gain. The detail for Box 7 includes amounts for Livestock Forage Program, Price Loss Coverage and Market Gains. The amount shown in Box 7 for Market Gains is exact, to the penny, to the amount shown in Box 9 - Market Gain. Client records aren't detailed but do know loans were not included in income previously. 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.