Farm Tax and Farm Sales Affected by New Fiscal Cliff Legislation
Marc Lovell ( February, 2013 )
Summary
ATRA consists of many changes that may increase a farmer's tax liability for 2013 onward. Higher-income farmers are primarily affected. In addition, the new rules may increase tax liability on farming activity income as well as the farmer's tax liability on capital gains. The two new Medicare taxes (one that applies to earned income and one that applies to investment income, such as capital gains) may further increase the farmers tax liability in addition to those increases attributable to ATRA. Farmers should consult their tax advisor on the best strategies to minimize the impact of these new tax rules that become effective in 2013.
Details
| Organization | farmdoc |
| Publisher | University of Illinois |
| Publication Date | February, 2013 |
| Publication Views | 1089 |
| Material Type | Written Material |