Weather-Related Sales of Livestock & Tax Implications
Southern Colorado is experiencing extreme drought conditions. Consequently, farmers and ranchers are being forced to make many related decisions such as whether to sell cows, buy feed, alter production schemes, etc.
It is important that producers understand the production, financial, and tax implications of their decisions. A fact sheet pertaining to the sale of livestock due to weather related conditions has been made available by Colorado State University Extension Specialist, Jeff Tranel.
Other tax resources are available at the websites below:
“Rural Tax” is the website meant for farms, ranches, and small businesses to gain valuable knowledge and useful tools pertaining to the tax code. All the materials are peer reviewed, and the list of topics continues to grow.
CSU Extension Agriculture and Business Management
Further, the ABM website also has myriad resources. There are a number of “decision tools” related to beef cattle. Some of the resources may be a few years old, but the information and outputs remain valid.
Source: Jeffrey Tranel, Colorado State University Extension