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    • Created with Sketch. See what's trending for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    Do I have to pay tax on Trump's farm bailout money?

    dgle
    Level 2
    ‎02-01-2020 06:03 AM
     
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    5 Comments 5
    meoleson
    Level 5
    ‎02-01-2020 08:54 AM

    Yes.  The amount received should show up on the 1099 received from your county FSA (Farm Service Agency) on the line MFP - Non-Specialty Crops.

    IRonMaN
    Level 15
    ‎02-01-2020 09:54 AM

    Why would you think it wouldn’t be taxable, it’s not welfare?  On second thought it is kinda like welfare - good question.


    Slava Ukraini!
    dgle
    Level 2
    ‎02-03-2020 08:09 AM

    Kind of snippy, aren't we?

     

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    qbteachmt
    Level 15
    ‎02-03-2020 10:40 AM

    No, you don't have to pay taxes on Trump's farm money. Because first, it wasn't Trump's money. And Second:

    Your client will pay, because your client got funds. You won't pay, as the preparer of their tax return.

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    qbteachmt
    Level 15
    ‎03-02-2021 11:43 AM

    This is a topic from Feb 2020.

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