Corn+Soybean Digest

2012 Taxes: Deferring Crop Insurance Payments

If you normally sell more than 50% of your current-crop grain during the following year, you may be able to defer crop insurance payments on your 2012 taxes, says Kent Thiesse, vice president, MinnStar Bank, Lake Crystal, Minn., and former Extension educator. Thiesse also reminds farmers to talk not only to their crop insurance agents about documentation, but their tax advisers about proper procedures.

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