Disaster Related Tax Information

A lot of the West is experiencing severe drought conditions and has been declared a disaster area by the Secretary of Agriculture. Many producers may be making decisions about selling their livestock because of these conditions.  There are special tax provisions for sales of livestock more than normal because of weather conditions. Personal and business losses may be deductible due to disasters (i.e. fire, flood, hurricane, tornado). 

 

Tax Topics:

Weather Related Sales of Livestock

Disaster Losses and Related Tax Rules

 

Webinar:

Disaster and Casualty Losses: Related Tax Rules

Weather Related Sales of Livestock: Income Tax Management

 

Other Resources:

Drought Monitor https://droughtmonitor.unl.edu/ 

The USDA-FSA website for declared disaster areas.  Information can be viewed in Excel or on a map.  https://www.fsa.usda.gov/programs-and-services/disaster-assistance-program/disaster-designation-information/index 

IRS Publication 2194: Disaster Resource Guide https://www.irs.gov/pub/irs-pdf/p2194.pdf