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.
Two Kinds of Deductibles. 1  A deductible may be a dollar amount. 2  A deductible may be listed as a percentage of the building or dwelling insured value. This is more common with coverages such as earthquake insurance, windstorm and hail damage, or on properties that may have higher risks or non-traditional home insurance like vacant homes.