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p1395

Posted 12/19/2014 11:06 (#4251045)
Subject: Gifting grain and taxes question

East central MO

Scenario: I sell a thousand bushels of corn in the churches name. I pay no taxes on this as I do not report this as income. Can I also claim the value of this grain on tax deductions under the donations part of my tax filings. Please don't flame me for asking, its just that I have heard of others doing it and my tax man(who is very conservative by the book) was wishy washy about it.

Gifting grain and taxes question - p1395 : 12/19/2014 11:06
- You gifted inventory with no basis to the Church. - jakescia : 12/19/2014 14:23
  - RE: You gifted inventory with no basis to the Church. - tedbear : 12/19/2014 16:02
    - RE: You gifted inventory with no basis to the Church. - Tired of Working : 12/19/2014 16:34
    - Believe the story. Farmer deducted expenses for a non-business project. - jakescia : 12/19/2014 17:09
      - RE: Believe the story. Farmer deducted expenses for a non-business project. - roarintiger1 : 12/19/2014 17:31
        
        Yes....75% - jakescia : 12/20/2014 08:31
      - RE: Believe the story. Farmer deducted expenses for a non-business project. - tedbear : 12/20/2014 06:51
        
        RE: Believe the story. Farmer deducted expenses for a non-business project. - jakescia : 12/20/2014 11:39
        
        RE: Believe the story. Farmer deducted expenses for a non-business project. - tedbear : 12/21/2014 07:41
        
        Just like any other mechanic, we work by the hour, and depend on reputation - jakescia : 12/21/2014 08:13
- RE: Gifting grain and taxes question - GrainTrader : 12/20/2014 09:59

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