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.
This may be the biggest no-no related to filing a home insurance claim. Thatâs because youâre filing a claim you (should) know the insurer isnât going to pay. Take the following example, from Addison Gardner, an Edmond, Oklahoma-based insurance agent and broker. Say you have a $1,000 deductible. Someone breaks into your house and takes your iPad and your wallet.