Crop insurance proceeds are entered as Income on your Schedule F. TurboTax will walk you through the entries to enter the deferment.
You can postpone reporting some or all crop insurance proceeds as income until the year following the year the physical damage occurred if you meet all the following conditions.
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You use the cash method of accounting.
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You receive the crop insurance proceeds in the same tax year the crops are damaged.
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You can show that under your normal business practice you would have included income from the damaged crops in any tax year following the year the damage occurred.
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