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2017 ag tax update for farm families

This information pertains to the filing of 2017 federal and Minnesota income tax returns. This does not contain details about the tax reform legislation (Tax Cuts and Jobs Act), signed into law on December 22, 2017 EXCEPT for select portions that affect the filing of 2017 tax returns.

Depreciation

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Applicable deductions

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Family tax considerations

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Taxes for employees and contractors

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Alternative minimum tax (AMT)

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Domestic production deduction

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Gross sales reported

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Wind generation

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Income averaging

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Capital gains tax

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Estate and gift tax considerations

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Disaster payments and crop insurance indemnity payments

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Losses and liquidation

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Corporation gains, futures and options gains and losses, CRP income, and dividend income

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Retirement and healthcare considerations

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Tax tables and data

See appendix.


Note: This information piece is offered as educational information only and is not intended to be tax, legal or financial advice. For questions specific to your farm business or individual situation, consult with your tax preparer.

Gary A. Hachfeld, Extension educator; C. Robert Holcomb, Extension educator;  Nathan Hulinsky, Extension educator and Megan L. Roberts, Extension educator

Reviewed in 2017

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