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ptc2
Level 1
April 4, 2023
Question

Farm crop lost due to arson, no insurance

  • April 4, 2023
  • 4 replies
  • 14 views

It would seem this should be deductible where a burned hay field lost approximately $26000 worth of hay (1 year's cuttings).  The hay will regrow, but the loss is real.  No insurance received so far.  No loss of value for the land, just the annual hay crop.  Can it be deducted and is it reported on Schedule F or Form 4684 page 2?

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4 replies

PATAX
PATAX
Level 12
April 4, 2023

I think the taxbook, one of them, may address this. You are a paid tax professional, are you not?

    sjrcpa
    sjrcpa
    Level 15
    April 4, 2023

    " No insurance received so far"

    Will some be received?

    The more I know the more I don’t know.
      abctax55
      abctax55
      Level 15
      April 4, 2023

      "Worth" as in fair market value?

      HumanKind... Be Both
        BobKamman
        BobKamman
        Level 15
        April 4, 2023

        You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.  I don't know much about farming, but I think the answer is cut and dried.  Just like the hay, which I doubt "will regrow."  

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