Moving farm business "base" to Indiana, Tax Questions

[Boiled Owl]

I was hijacking another thread. It's never occurred to me to ask here but there is a wealth of knowledge on INGO!

I farm in Illinois and I've bought a farm in Indiana which I'm farming this year. I'd like to start the process of moving my farm base to IN but Need advice.

Are there any farmers on here that farm in Illinois and how are your taxes figured? Do you owe IL for IL crop proceeds and IN for the same? Do you pay IN taxes on all?

 

[Boiled Owl]

Where's that ingo wealth of knowledge?......crickets........chirp........

 

[adam]

Honestly I'd be surprised if someone on here knew. I sure as hell do not, but would recommend calling the SBA or even Farm Bureau...I know they do insurance but my rep actually farms as well and could probably tell you. Plus they'd probably help you out in hopes that you could become a customer of theirs.

 

[jeremy]

We farm in the North Central Section of Indiana...

I'll tag in for the information as well...

 

[Boiled Owl]

Honestly I'd be surprised if someone on here knew. I sure as hell do not, but would recommend calling the SBA or even Farm Bureau...I know they do insurance but my rep actually farms as well and could probably tell you. Plus they'd probably help you out in hopes that you could become a customer of theirs.

Good suggestions. Still looking for a farmer who might be in a similar situation.

I'm rained out again waiting for the water to recede and the geese to leave! Grr!

 

[Zoub]

I am no expert but I KNOW I would look closely at the web site for IDOR, Indiana Department of Revenue. go to IN.GOV and hit IDOR from there.

One thing in the back of your mind should be if you buy materials in Indiana but use them in IL and vice versa. That can lead to some issues and suddenly you find yourself with a tax lein on taxes you never knew you owed. Not because you truly owe them, but because IDOR thinks you owe it.

 

[DownByTheTracks]

Find an accountant that specializes in farming and make an appointment. They will know the best ins and outs.

 

[ArmedProgrammer]

I also suspect that it matters how you hold title to the land (or operate the farming business).... I don't know enough to be able to say anything worthwhile.... sorry....