IRS Extends Tax Relief for Drought-Related Livestock Sales！

The IRS is providing tax relief to farmers and ranchers in applicable states and regions who sold or exchanged livestock because of drought conditions. Under the relief, eligible taxpayers may take more time to replace their livestock and defer tax on any gains from the forced sales or exchanges. Generally, livestock must be replaced within a four-year period, instead of the usual two-year period. Eligible farmers and ranchers must show that drought prompted the sales or exchanges, and that the area received a federal drought designation. For additional details: https://bit.ly/48uQT4e