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Receiving Cattle as a Gift
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<blockquote data-quote="MBowen" data-source="post: 704880" data-attributes="member: 13398"><p>I searched to see if anyone had posted this before - and so no results - therefore I ask.</p><p></p><p>What are the TAX liablities I should know about should we receive cattle as a "gift". </p><p>There are 6 cows and 1 bull, reproducing - no problem - we have 1 cow due to birth in Jan. </p><p></p><p>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. </p><p></p><p>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? </p><p></p><p>Thanks! </p><p>M & M</p></blockquote><p></p>
[QUOTE="MBowen, post: 704880, member: 13398"] 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 [/QUOTE]
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