The Internal Revenue Service has extended tax relief for Missouri farmers in 69 counties.
The IRS announcement is in response to drought, flooding and severe weather that forced farmers to sell off livestock. Qualified farmers and ranchers whose drought-sale replacement period was scheduled to expire on December 31, 2019, 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. Farmers are encouraged to contact their tax professional or visit IRS.gov.