Blog Post

Income tax relief for drought or weather-related livestock sales

*This is the next article in the 2023 Southwest Economic Outlook series in our sister publication, Southwest Farm Press. Hear from Oklahoma State University and OSU Extension Service, and Texas A&M University and TAMU AgriLife Extension Service economists about the 2023 outlook.

If you have sold more livestock than normal this year due to the drought or other weather-related conditions, there are two income tax provisions that may provide some tax relief. Many counties in the western part of the United States have received federal disaster declarations from the Secretary of…

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