Posted by IaGary on January 14, 2012 at 03:55:27 from (108.160.229.48):
In Reply to: another tax question(2) posted by Dave from MN on January 13, 2012 at 18:06:46:
Dave when received your grain check the check off fees were already deducted from the check, Right?
So I just report the amount I actually deposited in my account from a grain check and there is no deducting the checkoff fee because I never reported it as income.
Now if you are reporting the whole amount the grain was worth then yes you can deduct the fees.
Ex. 100 bushel of corn sold for $6 a bushel is $600. 1 cent a bushel checkoff is $1. If you got a check for $599 and that is what you reported for income you are done. If you reported $600 for income then yes you can deduct the $1.
I just report the net ($599) then I have a lot less book work.
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