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.
Deductibles. Deductibles on insurance policies represent a common type of insurance retention. As a rule, the insurance company removes the total deductible from the claim payment. For example, if a person has a $250 deductible on comprehensive auto insurance, the insurer pays out $750 on a $1,000 claim.