The Internal Revenue Service issued the following 10 Key Tax Tips for Farmers and Ranchers - Maine Farmer Resource Network - University of Maine Cooperative Extension

Crop insurance. Insurance payments from crop damage count as income. Generally, you should report these payments in the year you get them. Sale of items purchased for resale. If you sold livestock or items that you bought for resale, you must report the sale. Your profit or loss is the difference between your selling price read more