What is the Missouri Beginning Farmer Deduction?
If you are a farm owner who earned income from the sale, rent, lease, or crop-share of farmland to a beginning farmer, you may be able to claim a deduction on your Missouri tax return.
You will need to include your Beginning Farmer Tax Deduction Certification from the Missouri Agricultural and Small Business Development Authority (MASBDA) with your return to verify that the sale, rent, lease, or crop-share qualifies for the deduction.
Use Form 5955 to calculate your deduction amount. Include Form 5955, your Beginning Farmer Tax Deduction Certification, a copy of your federal tax return, and any associated federal schedules with your Missouri tax return.
You will need to include your Beginning Farmer Tax Deduction Certification from the Missouri Agricultural and Small Business Development Authority (MASBDA) with your return to verify that the sale, rent, lease, or crop-share qualifies for the deduction.
Use Form 5955 to calculate your deduction amount. Include Form 5955, your Beginning Farmer Tax Deduction Certification, a copy of your federal tax return, and any associated federal schedules with your Missouri tax return.
