Farmers and ranchers affected by drought may qualify for capital gains tax relief. The relief applies to taxpayers who were forced by drought conditions to sell certain livestock held for draft, dairy or breeding purposes. Generally, livestock sold due to drought must be replaced within a four-year replacement period. Under Notice 2022-43, the IRS is extending this period by one year, based on eligibility. Eligible farmers and ranchers are those located in regions hit by severe drought conditions between Sept. 1, 2021, and Aug. 31, 2022. Taxpayers with a replacement period that expires on Dec. 31, 2022, will now generally have until Dec. 31, 2023. For more details: https://bit.ly/3BW9014
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