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Business & farm
That's true. Because a taxable grant for a farm is considered an agriculture payment and generally reported in box 7.
In this instance I would enter the amount in box 6 - if it was for the farm - as though it were sent in box 7. A taxable grant would need to end up on line 4a of schedule F which is listed as "Agricultural Program Payments" and defined in the IRS instructions as -
Enter on line 4a the total of the government agricultural program payments that you received. This includes the following amounts.
- Price loss coverage payments.
- Agriculture risk coverage payments.
- Coronavirus Food Assistance Program payments.
- Market Facilitation Program payments.
- Market gain from the repayment of a secured Commodity Credit Corporation (CCC) loan for less than the original loan amount.
- Diversion payments.
- Cost-share payments (sight drafts).
- Payments in the form of materials (such as fertilizer or lime) or services (such as grading or building dams).
If you enter your amount from box 6 into box 7 it will end up in the correct part of the form.
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‎February 14, 2025
7:18 AM