Texas/New Mexico Stateline | You can take the check this year. If you want to defer the income it is a simple entry on your tax return. BUT you have to have shown a history of storing your grain and selling it the following year. In the event of a tax audit you would have to prove you would have sold the crop the following year for reasons other than tax avoidance. i.e. waiting for a better market, or basis, etc. |
Muti-Peril Crop Ins
