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
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. 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
- :
- Re: 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
This discussion has been locked.
New comments cannot be posted on this discussion anymore. Start a
new discussion
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!
