IRS Gives MN Farmers Additional Time To Replace Stock Affected By Drought

(Washington, DC) — The Internal Revenue Service is giving Minnesota farmers and ranchers some additional help to recover from the most recent stretch of drought. The agency has agreed to extend the normal window farmers have to replace livestock sold or exchanged due to drought conditions. Farmers normally have two years to replace livestock before they have to declare capital gains on their taxes. The extension will give farmers and ranchers an additional two years.