#taxlaw

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Note: This website is intended to provide general information about legal issues, crop insurance, farm policy, and other risk management issues and should not be construed as providing legal advice. It should not be cited or relied upon as legal authority. For advice about how the issues discussed here might apply to your individual situation, you should consult an attorney.

Welcome to the Maryland Risk Management Education Blog, provided by the University of Maryland Department of Agricultural and Resource Economics. This blog provides readers with information on risk management issues important to Maryland agriculture, upcoming events, and new materials that may interest readers.

Look before You Leap: Steps to Take Before Joining or Creating a Cooperative

Admin

Mar 20, 2018
7 min

Look before You Leap: Steps to Take Before Joining or Creating a Cooperative

By Kelly Nuckolls The article is not a substitute for legal or financial advice. See here for the site’s reposting policy. The new federal tax law has stirred up a lot of interest among farmers who are now hoping to join or create their own cooperative associations. The new federal tax law provides a significant tax deduction that could benefit some farmers who are members of cooperatives. However, there are a number of things every farmer should consider before forming or j

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The “F” in Schedule F: Filing as a Farmer This Tax Season

Admin

Feb 28, 2018
5 min

The “F” in Schedule F: Filing as a Farmer This Tax Season

By Kelly Nuckolls This is not a substitute for legal or financial advice. See here for the site’s reposting policy. Most farmers and ranchers and their accountants are familiar with “farm” income and expenses and the “Schedule F” tax form for “farmers” only. But what if you are a new or beginning farmer or this is your first time filing taxes with farm-related income? How do you know whether or not you can count your income and expenses as “farm” income? There are some benef

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What Does the New Federal Tax Law Mean for My Farm Operation?

Admin

Jan 17, 2018
5 min

What Does the New Federal Tax Law Mean for My Farm Operation?

By Kelly Nuckolls This is not a substitute for legal or financial advice. See here for the site’s reposting policy. The Tax Cuts and Jobs Act, the new federal tax law passed at the end of 2017, has several changes that farmers should consider discussing with their accountant or attorney at the start of the New Year. While there are a number of changes in the new federal tax law, this post will highlight only a few specific changes that farm operations should pay attention to

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U.S. Tax Court Denies Farmers’ 100% Charitable Deduction for Conservation Easement

Sarah Everhart

Aug 16, 2017
3 min

U.S. Tax Court Denies Farmers’ 100% Charitable Deduction for Conservation Easement

By Sarah Everhart The article is not a substitute for legal advice. See here for the site’s reposting policy. The U.S. Tax Court’s decision of August 7, 2017, Rutkoske, et al. v. Commissioner of Internal Revenue, 149 T.C. No. 6 (2017), is one that all farmers considering selling a conservation easement need to understand. The decision involved a farming family who were members of a limited liability company (LLC) established to own farmland. In 2009, the farm family sold a

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The Home Farm and the Homestead Tax Credit

Sarah Everhart

Apr 4, 2017
3 min

The Home Farm and the Homestead Tax Credit

By Sarah Everhart This post is not legal advice. See the site’s reposting policy here. The State of Maryland provides property tax relief to homeowners for their personal residences in the form of the Homestead Property Tax Credit. The Homestead Credit limits the increase in taxable assessments on principal residences each year to a fixed percentage. Every county and municipality in Maryland is required to limit taxable assessment increases to 10 percent or less each year.

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Jan 8, 2016
3 min

News Roundup: January 8th Edition

By Mayhah Suri Proposals for Manure Management Technologies Requested The Maryland Department of Agriculture has issued a grant solicitation for demonstration projects from vendors, businesses, and individuals offering technologies, equipment, infrastructure, or services that can improve the management and utilization of manure and other nutrient-rich, on-farm generated waste products. There is $2.5 million available to invest in innovative technologies during State Fiscal Ye

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Frequently Asked Questions: What Exactly is a Hobby Loss?