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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15580
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a farm. One of my crop's was destroyed by hail. Can I

Customer Question

I have a farm. One of my crop's was destroyed by hail. Can I deduct the loss all at once or over a period of time?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


Losses of livestock, plants, produce, and crops raised for sale are generally not deductible as a casualty if you report your income on the cash method. You have already deducted the cost of raising these items as farm expenses, so their basis is equal to zero.

You would not be allowed to the potential loss of income form the corp.