IRS GIVES MN FARMERS MORE TIME TO REPLACE LIVESTOCK AFFECTED BY DROUGHT

The Internal Revenue Service is providing additional assistance to Minnesota farmers and ranchers to help them recover from the recent drought.  The IRS has agreed to extend the usual window for farmers to replace livestock sold or exchanged due to drought conditions.  Normally, farmers have two years to replace livestock before they are required to declare capital gains on their taxes.  With the extension, farmers and ranchers will have an additional two years to replace their animals.