I searched to see if anyone had posted this before - and so no results - therefore I ask.
What are the TAX liablities I should know about should we receive cattle as a "gift".
There are 6 cows and 1 bull, reproducing - no problem - we have 1 cow due to birth in Jan.
The land they are on is family owned - we would be responsible for feeding, care, and selling as needed. Plus paying some of the property taxes - which isn't hard.
I have found where the giver is going to get some good write off's giving us the herd - but where are we going when we accept that gift?
Thanks!
M & M
What are the TAX liablities I should know about should we receive cattle as a "gift".
There are 6 cows and 1 bull, reproducing - no problem - we have 1 cow due to birth in Jan.
The land they are on is family owned - we would be responsible for feeding, care, and selling as needed. Plus paying some of the property taxes - which isn't hard.
I have found where the giver is going to get some good write off's giving us the herd - but where are we going when we accept that gift?
Thanks!
M & M