Disaster Related Tax Information

Rural Tax Education

Many farmers are or have experienced severe drought conditions, flooding, hurricanes and/or wildfires, and are in areas that have been declared a disaster area by the Secretary of Agriculture. 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). 

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Disaster Losses and Related Tax Rules

The dollar value of property losses due to fires, floods, tornadoes, earthquakes, lightning, freezes, etc. can be substantial. Federal income tax regulations often provide relief by allowing deductions for losses of business-use property.

Weather-Related Sales of Livestock

There are two provisions in tax law that attempt to cushion producers from the consequences of adverse weather-related livestock sales.

Working with a Tax Professional

This article will share steps a farmer/rancher can take to get the best value from that service and ensure a strong working relationship with their tax professional.

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This information is intended for educational purposes only. You are encouraged to seek the advice of your tax or legal advisor, or other authoritative sources, regarding the application of these general tax principles to your individual circumstances. Pursuant to Treasury Department (IRS) Circular 230 Regulations, any federal tax advice contained here is not intended or written to be used, and may not be used, for the purpose of avoiding tax-related penalties or promoting, marketing or recommending to another party any tax-related matters addressed herein.