FARM INTEREST INCOME
I have a client that built poultry house $1.2 m, the bank that financed the construction. would put the draws in a interest earning checking account.. He drew $6000 in interest., but also paid $65000 in interest.
This should not be considered as investment income and report on schedule B, I think it should be farm income. If reported on schedule B he losses his EIC. any suggestions.
They IRS is not allowing him to count as income on schedule F.
