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Do I have to pay tax on Trump's farm bailout money?

dgle
Level 1
 
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meoleson
Level 5

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

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

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)
dgle
Level 1

Kind of snippy, aren't we?

 

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qbteachmt
Level 15

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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The_AntiTax_Man
Level 5
 
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qbteachmt
Level 15

This is a topic from Feb 2020.

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