ptc2
Level 1
‎04-03-2023 07:58 PM

It would seem this should be deductible where a burned hay field lost approximately $26000 worth of hay (1 year's cuttings).  The hay will regrow, but the loss is real.  No insurance received so far.  No loss of value for the land, just the annual hay crop.  Can it be deducted and is it reported on Schedule F or Form 4684 page 2?

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PATAX
Level 15
‎04-03-2023 08:25 PM

I think the taxbook, one of them, may address this. You are a paid tax professional, are you not?

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sjrcpa
Level 15
‎04-03-2023 08:34 PM

" No insurance received so far"

Will some be received?


The more I know the more I don’t know.
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abctax55
Level 15
‎04-03-2023 11:26 PM

"Worth" as in fair market value?

HumanKind... Be Both
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BobKamman
Level 15
‎04-03-2023 11:37 PM

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.  I don't know much about farming, but I think the answer is cut and dried.  Just like the hay, which I doubt "will regrow."  

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