The IRS announced capital gain relief for farmers and ranchers in designated counties who were forced to sell livestock because of drought conditions. They have more time to replace their livestock and defer tax on any gains from these forced sales. The extended replacement period applies to eligible farmers and ranchers suffering exceptional, extreme, or severe drought between September 1, 2024, and August 31, 2025. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download for Free our newly-updated eBook, "150+ Tax Deductions for Small Business A to Z" Revised to reflect changes in the One Big Beautiful Bill
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