Dan Posted December 17, 2007 Report Share Posted December 17, 2007 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 :) Quote Link to comment Share on other sites More sharing options...
Dan Posted December 18, 2007 Author Report Share Posted December 18, 2007 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 Quote Link to comment Share on other sites More sharing options...
Dan Posted December 18, 2007 Author Report Share Posted December 18, 2007 KC Do you know the answer to my question? What percentage can one defer to next year? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted December 18, 2007 Report Share Posted December 18, 2007 Dan, take a look at Code Sec. 451(d) and Reg § 1.451-6. Good Luck Dan Quote Link to comment Share on other sites More sharing options...
Dan Posted December 22, 2007 Author Report Share Posted December 22, 2007 It would be nice to know what percentage I can defer if it is less than 100% Thanks! Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted December 24, 2007 Report Share Posted December 24, 2007 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 Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted December 25, 2007 Report Share Posted December 25, 2007 I also know of no option that allows for defering only a portion. Quote Link to comment Share on other sites More sharing options...
Dan Posted January 3, 2008 Author Report Share Posted January 3, 2008 :) Thanks to those that have responded to my question. Quote Link to comment Share on other sites More sharing options...
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