Generally, prospects of permanently increased cash rents lead to increases in farmland prices. Since 2006, average cash rents in Illinois increased from $132 per acre in 2006 to $234 per acre in 2014, representing an increase of 77%.
If you're a landlord and claim rental income on your home, your homeowners' insurance on the portion of the property used for rental becomes tax-deductible. When you own several properties and those properties are used only for rental income, then all of the homeowners' insurance is tax-deductible. Consult your tax preparer for more details on how to deduct homeowners' insurance.
Deductible amounts can be found on the declarations (or front) page of standard homeowners and auto insurance policies. Here is how it works: if you have a $500 âdollar deductible,â that $500 would be deducted from your claim.So, if your insurance company has determined that you have an insured loss worth $10,000 you would receive a claims check for $9,500.Percentage deductibles are calculated differently.o if your house is insured for $100,000 and your insurance policy has a 2 percent deductible, $2,000 would be deducted from the amount you are reimbursed on a claim. In the event of the $10,000 insurance loss, you would be paid $8,000. Deductibles in many parts of the country have been going up.