Tag Archive: "grain gifts"
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How to Handle Gift of Grain
We got this question from one of our readers: “My grandfather gave me a generous gift of soybeans for my college fund. Since he gave me the actual crop, he paid no taxes on it. When I sold it I received a check of around $8,000. I will have file a tax return for the […]
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The Advantages of Commodity Contributions
We had a reader ask the following question: “Please comment on the tax ramifications of gifting farm commodities to a charitable foundation.” Many farmers have charitable intent, but in many cases their standard deduction ends up greater than their itemized deductions including their charitable donations. In these situations, the farmer can get an extra advantage […]