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.
1 Medical expenses deductible as an itemized deduction. 2  Long-term health care insurance deductible as a medical expense. 3  A deduction by self-employed individuals for health insurance costs. 4  The deduction may not exceed the net earnings from the trade or business in which the insurance plan is established.