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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Farm crop lost due to arson, no insurance
Farm crop lost due to arson, no insurance
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ptc2
Level 1
04-03-2023
07:58 PM
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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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4 Comments 4
BobKamman
Level 15
04-03-2023
11:37 PM
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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."
