Crop Insurance Payments

[Dan]

Question: I have a question about how much one can postpone until the following year? This question is found in Publication 225 and the instructions for Schedule F (lines 8a through 8d) In the instructions for Schedule F it says "generally, if you elect to defer any eligible crop insurance proceeds, you must defer all such crop insurance proceeds." Is there anything out there that says you may defer just some of the proceeds. Must you defer all or nothing? What does the word "generally" mean? Thanks for your reponse. Dan :)

[Dan]

Question: I have a question about how much one can postpone until the following year? This question is found in Publication 225 and the instructions for Schedule F (lines 8a through 8d) In the instructions for Schedule F it says "generally, if you elect to defer any eligible crop insurance proceeds, you must defer all such crop insurance proceeds." Is there anything out there that says you may defer just some of the proceeds. Must you defer all or nothing? What does the word "generally" mean? Thanks for your reponse. Dan

[Dan]

KC

Do you know the answer to my question? What percentage can one defer to next year?

[DANRVAN]

Dan, take a look at Code Sec. 451(d) and Reg § 1.451-6.

Good Luck

Dan

[Dan]

It would be nice to know what percentage I can defer if it is less than 100%

Thanks!

[DANRVAN]

Dan

I thought you might find your answer in Code Sec. 451(d) or Reg § 1.451-6. I believe it is all or none.

Here is a quote from Prof. Neil Harl, author of the Farm Income Tax Manual and co-editor of the Agricultural Law Digest:” It is not possible to defer only a portion of crop insurance or disaster payments.”

Merry Christmas!

Dan

[kcjenkins]

I also know of no option that allows for defering only a portion.

[Dan]

:) Thanks to those that have responded to my question.