Farmers and ranchers who were forced to sell livestock due to drought, flooding or other severe weather in recent years now have more time to get some tax relief from the IRS.
Farmers and ranchers in Douglas County and throughout Oregon are eligible for federal assistance.
In most cases, qualified farmers and ranchers whose drought-sale replacement period was scheduled to expire at the end of the year now have until the end of their next tax year to replace the livestock and defer tax on any gains from the forced sales. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible.
“Because the normal drought-sale replacement period is four years, this extension immediately impacts drought sales that occurred during 2015,” IRS spokesman David Tucker II said in a prepared statement. “The replacement periods for some drought sales before 2015 are also affected due to previous drought-related extensions affecting some of these localities.”
For more information call the IRS at 1-800-829-4040.