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Big Sky Country | I usually carry over my calves, sell in new yr.
A few yrs ago—prices were very good in fall, I was fully stocked, and wanted to sell in fall—-would have put 2 crops into same tax yr.
Actually, I’ve done this twice—-one time, just had sales ring pay me “next year”—-check was good, worked fine.
Second time, I was referred to largest family owned bank in Montana—Stockmans Bank. For this to work—you can’t have access to your own funds in current tax yr—not for a second.
Check was made out to “stockmens exchange”——my funds were available Jan 2—-we had written agreement—-and they paid interest on them. Very nice experience.
Im telling this story for 2 reasons—-1: might help somebody else—- I used branch in Conrad—-just a fyi—- seems small town branches just work better—at least for me—-
And reason 2: I’ve just learned this is only for commodities/livestock. And I’ve got a nice check about due that is neither—-but is long term capital gains—-and Im looking to defer that income to next tax yr—-but want it written—like yesterday—-so——Im looking for a way to do it—-ya, Im going to talk with accountant——but I’ve learned heaps from “dumb farmers” and “ignorant cowboys”
Any input appreciated—-tia.
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Deferring income.
