Tax Relief for Drought-Stricken Farmers in 25 North Carolina Counties

— Written By N.C. Cooperative Extension

With all of the rain and flooding caused by Hurricane Matthew, it may be easy to forget that the western part of North Carolina is still facing drought conditions.

If you are a farmer forced to sell your livestock because of the drought that affects much of the nation, special IRS tax relief may help you. The IRS has extended the time to replace livestock that their owners were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you received from the forced sales. The relief applies to all or part of 37 states and Puerto Rico affected by the drought.

The counties in North Carolina covered by this relief are Alexander, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Polk, Rutherford, Swain, Transylvania, Union, and Yancey.

For complete information on this tax relief, visit: https://www.irs.gov/uac/newsroom/irs-grants-tax-relief-extension-to-drought-stricken-farmers-ranchers-37-states-and-puerto-rico-affected

Posted on Oct 12, 2016
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