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TAX LAWS<br />
Jody, Laurie, Mckenna and Mckayla Martens<br />
election made by the retired<br />
farmer. If they make this disclaimer,<br />
the surviving spouse<br />
is not eligible to deduct qualifying<br />
income pursuant to an<br />
election made by the retired<br />
farmer prior to death.<br />
Because no elections were<br />
made during the 2023 calendar<br />
year, there will be no<br />
disclaimers filed for the 2023<br />
calendar tax year.<br />
Elections on 2023<br />
Returns<br />
When filing 2023 returns,<br />
retired farmers who rent real<br />
property or sold qualifying<br />
livestock or real property<br />
used in a farming business<br />
have to decide whether they<br />
want to make a single lifetime<br />
election to exclude the<br />
rental income or the capital<br />
gain. They may choose to<br />
make no election, reserving<br />
the right to do so in future<br />
years. If a retired farmer<br />
doesn’t make an election,<br />
they must include the capital<br />
gain or rental income in their<br />
2023 Iowa taxable income.<br />
Once a retired farmer<br />
makes an election, it can’t be<br />
changed. A retired farmer excluding<br />
farm rental income<br />
from Iowa taxation can’t<br />
ever take the Iowa capital<br />
gain deduction. Conversely,<br />
a retired farmer electing to<br />
exclude capital gain may not<br />
ever exclude income from a<br />
farm tenancy agreement.<br />
If either election is made,<br />
the retired farmer may not<br />
take the beginning farmer<br />
tax credit in the current or<br />
subsequent tax years. Retired<br />
farmers should discuss this<br />
election with a trusted tax<br />
professional. n<br />
Martens<br />
Angus<br />
Farms<br />
Thank you to all the bidders and buyers at our<br />
production sale. We appreciate your trust in our program<br />
of providing quality genetics for over 20 years.<br />
FEEDING<br />
The Future<br />
Innovative Technologies<br />
Local Expertise<br />
Light Birthweight Fast Growth<br />
Carcass Quality Quiet Disposition<br />
Trust Nutrien<br />
Ag Solutions for<br />
knowledge and<br />
service to help<br />
you lead<br />
in the field!<br />
1571 Main Avenue, Clinton, Iowa • (563) 242-3350<br />
2590 380th Ave., Low Moor, Iowa • (563) 522-2063<br />
406 E White St, Preston, Iowa (563) 689-5482<br />
Martens Angus Farms<br />
37939 346 Avenue • Bellevue Iowa<br />
(563) 552-8890<br />
martensangus@gmail.com<br />
www.martensangus.com | Find us on Facebook<br />
“Agriculture is the most healthful, most useful and most<br />
noble employment of man.” George Washington<br />
eifarmer.com SPRING 2024 | EASTERN IOWA FARMER 105
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