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Tax Deferral Options for Weather-Forced Livestock Sales with Tina Barrett
When drought or other weather conditions force producers to sell livestock earlier than planned or reduce herd numbers, the tax consequences can be significant. In this episode, Tina Barrett, executive director of Nebraska Farm Business, Inc., walks through the two main deferral options available to producers under federal tax law, explains how to determine whether deferring income actually makes financial sense, and covers the recordkeeping that makes any of it possible. Barrett also addresses crop insurance deferral rules and casualty loss provisions that may apply to damaged buildings…
The skinny
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