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Drought and cows


Marie

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How do you report a delay of selling cows during a drought.  I believe a farmer has 3 years to replace breeding stock, but is there a place to put that on the Sch F or 1040? of does the farmer just have to keep track of that himself in case he's questioned? 

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5 hours ago, Marie said:

delay of selling cows during a drought.  I believe a farmer has 3 years to replace breeding stock,

If you are using ATX, go to elections and use the tab for "Dispositions, Disasters...". Then use the first option on top of the page.

If you are deferring income from sale of calves due to drought use the 3rd one.

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