We continue our series of end-of-year tax tips with NDSU Extension Farm Management Specialist Ron Haugen. We talked about deferring income and spreading income to other year for grain farmers, but Haugen says livestock producers can also use income deferral. “It’s been tough on the livestock guys with the drought, but they have a couple of options. For the breeding livestock, if they sell more cattle than normal, they can defer that income up to two years. If there’s a disaster declaration, then they can extend that for four years.” There is also some help for non-breeding livestock. “Another provision for non-breeding livestock like calves you can defer that for one year if there is a disaster declaration in your county.”
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