Last day to file for 2010 CCC loans

Today marks the final day to file for 2010 Commodity Credit Corporation (CCC) loans. According to the IRS, you do not normally report loans you receive as income, and you report income from a crop for the year you sell it. However, if you pledge part or all of your production to secure a CCC loan, you can choose to treat the loan as if it were a sale of the crop and report the loan proceeds as income for the year you receive them. You do not need approval from the IRS to adopt this method of reporting CCC loans, even though you may have reported those received in earlier years as taxable income for the year you sold the crop.