Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Industry Discussions
- :
- Tax Talk
- :
- FARM INTEREST INCOME
FARM INTEREST INCOME
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Alatax
Level 2
03-24-2022
12:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client that built poultry house $1.2 m, the bank that financed the construction. would put the draws in a interest earning checking account.. He drew $6000 in interest., but also paid $65000 in interest.
This should not be considered as investment income and report on schedule B, I think it should be farm income. If reported on schedule B he losses his EIC. any suggestions.
They IRS is not allowing him to count as income on schedule F.
Labels
2 Comments 2
qbteachmt
Level 15
03-24-2022
12:49 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Unless they are farming Money, it seems they made some investment income on the borrowed funds, and that is called "playing the float."
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
IRonMaN
Level 15
03-24-2022
01:03 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I hear the money crop was a good one last year. Just plant those pennies, add a little fertilizer, add a little water here and there and then watch your money grow.
As a side note, if the farmer doesn’t want to report the interest as investment income, send the interest to me and I will happily report it that way.
Slava Ukraini!
