Agriclture Grants and S/E tax

Technical topics regarding tax preparation.
#1
dmsri  
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6
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1-Feb-2017 6:45pm
Location:
Rhode Island
Client/farmer Schedule F received 1099G-Box 8 Taxable grant filled in. Is this money subject to S/E TX?
 

#2
HowardS  
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2818
Joined:
21-Apr-2014 3:12pm
Location:
Southern Pines, NC
Not sure if you are using "Grant" as opposed to "Conservation Reserve Program" but refer to this:
https://farmdocdaily.illinois.edu/2013/08/crp-payments-subject-se-tax.html
and
https://accountants-community.intuit.com/articles/1607486-entering-agriculture-payments-from-form-1099-g-box-7

And I assume you mean box 7, not box 8. If you mean box 8 is checked then this is trade or business income, subject to SE tax.
Retired, no salvage value.
 

#3
Gjkycpa  
Posts:
237
Joined:
29-Apr-2014 1:53pm
Location:
Corbin, KY
Did he have any offsetting grant expense?
 


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