Rural Tax Education | Utah State University Extension

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    Farmers, ranchers and other agricultural producers and Extension educators will find resources for agriculturally related income and self-employment tax information that is both current and easy to understand.

    Tax issues are important for agricultural operations because income and self-employment taxes are a major cost and also because more and more USDA programs are being linked to a producer’s federal income tax return.

    Has weather impacted your livestock sales?

    Weather-related sales of livestock receive special tax treatment. There are two provisions that can apply, so producers need to evaluate their circumstances to see which would be of greater tax benefit. These two provisions are 1) involuntary conversion of animals held for draft, breeding, or dairy purposes (excluding poultry), and 2) deferral of income for one year of sale of certain livestock. Read more about these two provisions, when they apply, how they can be beneficial at tax time, and how to make the election in Weather Related Sales of Livestock.


    Experienced property loss from a disaster?

    Property losses due to fires, floods, tornadoes, earthquakes, lightning, freezes, etc. can be costly. There are tax rules that apply in cases of casualty, and whether or not the property loss results in a tax deduction or not. To find more information and several examples covering the tax treatment of damage to business and personal use property, read this article on Disaster Losses and Related Tax Rules. 

    Farm Equipment