Consider making an impact on tomorrow’s youth by giving the gift of grain to the South Dakota 4-H Foundation.
“This is a good time of year for farmers to consider this kind of gift as they work with their tax preparers,” said Jim Burg, a farm operator from Wessington Springs, S.D. and 4-H Foundation trustee.
Nancy Swanson, the foundation’s executive director explains.
“Gifting grain to the 4-H Foundation is a very viable and desirable option with several tax advantages for the farm operator,” Swanson said. “Self-employed farmers who donate grain to the S.D. 4-H Foundation not only benefit local 4-Hers, they also reduce their self-employment tax and increase their income tax savings.”
Grain must be placed in the name of the South Dakota 4-H Foundation to be sold by the foundation. Farmers may take the grain to their local elevator, co-op or grain merchant, where a warehouse receipt showing the 4-H Foundation as the owner should be created. Farmers then notify the foundation that the grain is available to sell. Once sold, the 4-H Foundation sends the farm operator a receipt for the tax deductible gift.
For more information on how to use a gift of grain to support 4-H, contact Nancy Swanson at 605-688-4943 ornancy.swanson@sdstate.edu.
Source: SDSU Extension
