Corn
437-0
Home
News
News
Farm Equipment News
Crop News
Livestock News
Swine News
Expert Commentary
Ag Industry News
Innovation & Technology
Farm Safety News
Cool Tools News
Markets
Videos
Farm Real Estate
Farm Equipment
Classifieds
Canada East
Canada West
USA
SIGN IN
Login
Sign-Up
Farms.com Home
›
News
Drought-affected farmers and ranchers have extra time to sell livestock
Nov 20, 2019
Subscribe to our Newsletters
Drought can be devastating to farmers and ranchers. Those who were forced to sell livestock due to drought may get extra time to replace the livestock. They may also have more time to defer tax on any gains from the forced sales.
Here are some facts to help farmers understand how the deferral works and if they are eligible.
The one-year extension gives eligible farmers and ranchers until the end of the tax year after the first drought-free year to replace the sold livestock.
The farmer or rancher must be in an applicable region. An applicable region is a county designated as eligible for federal assistance, as well as counties contiguous to that county.
The farmer's county, parish, city or district included in the applicable region must be listed as suffering exceptional, extreme or severe drought conditions by the
National Drought Mitigation Center
. All or part of 32 states, plus Guam, the U.S. Virgin Islands and the Commonwealths of Puerto Rico and the Northern Mariana Islands, are listed. The list of applicable regions is in
Notice 2019-54 (PDF)
on IRS.gov.
The relief applies to farmers who were affected by drought that happened between September 1, 2018, and August 31, 2019.
This relief generally applies to capital gains on sales of livestock held for draft, dairy or breeding purposes.
Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry are not eligible.
To qualify, the sales must be solely due to drought, flooding or other severe weather causing the region to be designated as eligible for federal assistance.
The farmers generally must replace the livestock within a four-year period, instead of the usual two-year period.
Because the normal drought sale replacement period is four years, this extension immediately affects drought sales that occurred during 2015. However, because of previous drought-related extensions affecting some of these areas, the replacement periods for some drought sales before 2015 are also affected.
Details, including an example of how this provision works, can be found in
Notice 2006-82
(PDF) on IRS.gov.
Source :
irs.gov
Trending Video
Farm Chores on a Snow Day
Video:
Farm Chores on a Snow Day
Be sure to subscribe to our Channel! New long videos on Monday, Thursday, and Saturday .
Possibilities of on-farm composting tech
Weather drove 2019 forage challenges
Business News
by
Better
Farming
Domestic demand for pork is on an upswing
›
24/7 Poison Help Available During National Poi...
›
Farm Safety Week - Preventing Rollovers and Ru...
›
Celebrating Agri-Learning in Canadian March Ma...
›
Eby Unleashes 2025 Maverick Livestock Trailer ...
›
Climate markets expansion - $145M for forest l...
›
Dates Set for NDSU Extension Youth Farm Safety...
›
Understanding Increasing Debt Levels on Illino...
›
Biden-Harris Administration Announces $145M Fr...
›
Enhancing USDA aid for specialty crop farmers
›
General News
by
Better
Farming
Canadian pork producers respond to Product of USA...
›
Tyson Foods Announces Closure of Perry, Iowa Pork...
›
Illinois Pork Farmers Seek Federal Support Amidst...
›
Canada responds to U.S. V-COOL rule
›
Senators want answers about lower ag exports
›
SHIC-FUNDED ECONOMIC ASSESSMENT ESTIMATES PRODUCT...
›
SHIC SHARES INFORMATION WITH SWINE VETERINARIANS ...
›
Let’s Be Honest About Pork Industry Challenges an...
›
Porcine Circovirus Webinar Provides Timely Update...
›
First-Round Matchups Underway for Pulled Pork Mad...
›
Volume of Saskatchewan's Agri-Food Exports to Ind...
›
Forums
by
Agriville
.com
Is Monette Farms like Bernie Madoff?
›
Not your average recession . . . .
›
Future trade war
›
pasture land sale
›
Friday Cocktail
›
Wheat
›
Are we too far gone politically biased to even accept facts of whats good or bad?
›
Stats Can Acreage Report
›
FCC land values report
›
Wilson super B
›
Canola crush
›
Machinery News
by
Better
Farming
Sprayers take spotlight at equipment auction
›
CFIB: Feds holding billions in carbon taxes that s...
›
Deere Recognized as One of the 2024 World’s Most E...
›
Technology, power drive new equipment
›
Alamo Group Announces CFO Retirement and Succession
›
Crop News
by
Better
Farming
Canada’s farmland values continued to cli...
›
Spread of ASF to Albania Highlights Nee...
›
Computer Based AI Offers Cost Effective...
›
Pork Producers Express Concern Over Pla...
›
Senators want answers about lower ag ex...
›
Livestock News
by
Better
Farming
Canadian pork producers respond to Produc...
›
Tyson Foods Announces Closure of Perry,...
›
Illinois Pork Farmers Seek Federal Supp...
›
Domestic demand for pork is on an upswing
›
Canada responds to U.S. V-COOL rule
›
Sponsored Links:
Highest Yielding Soybeans,
PigCHAMP Grow-Finish,
Precision Agriculture,
Swine Reproduction Software
This website uses tracking tools, including cookies. We use these technologies for a variety of reasons, including to recognize new and past website users, to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.
You agree to our
Privacy Policy
and
Terms of Access
by clicking I agree.