is part of the Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

  • American Agriculturist
  • Beef Producer
  • Corn and Soybean Digest
  • Dakota Farmer
  • Delta Farm Press
  • Farm Futures
  • Farm Industry news
  • Indiana Prairie Farmer
  • Kansas Farmer
  • Michigan Farmer
  • Missouri Ruralist
  • Nebraska Farmer
  • Ohio Farmer
  • Prairie Farmer
  • Southeast Farm Press
  • Southwest Farm Press
  • The Farmer
  • Wallaces Farmer
  • Western Farm Press
  • Western Farmer Stockman
  • Wisconsin Agriculturist

Drought damages may have tax implications

With more than $7.6 billion in lost revenues over the past 36 months in Texas, farmers and ranchers face serious financial management challenges, say a Texas AgriLife Extension Service specialist.

With more than $7.6 billion in lost revenues over the past 36 months in Texas, farmers and ranchers face serious financial management challenges, say a Texas AgriLife Extension Service specialist. A close look at tax options will be in order.

DeDe Jones, AgriLife Extension risk management specialist in Amarillo, said drought plagued much of the state in 2013, causing property damage and additional livestock liquidations for many Texas agricultural producers. These losses and any unexpected revenue may have implications at tax time.

Low moisture fueled wildfires and ruined crops and pastures. And with the price of hay increasing by 200 percent during this time, Texas ranchers were forced to severely cull their herds and sell off large numbers of cattle in auctions.

This situation poses several financial management challenges.

 

Also of interest:

Battle over “Waters of the United States,” begins with release of proposed rule

Drought conditions worsen for most of Texas

Dry year shaping up as fire concern rises

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish