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Gifts of Grain

 

“GIFTING AGRICULTURAL COMMODITIES”

 

Attention Nebraska farmers!  Did you know the Hastings Community Foundation accepts gifts of grain?

When an agricultural producer chooses to make a gift of grain, they first must transfer the legal ownership of the grain to the 501C3 charitable organization, BEFORE the grain is sold.  In this way, the agricultural producer does not realize taxable income from the sale, thus minimizing taxes.  The producer is however, still able to deduct the entire cost of the production of the commodity on the producer’s Schedule F.  Depending on the producer’s specific circumstances, savings may be realized on federal and state income tax and self-employment tax.

If you have questions about gifting agricultural commodities, or if you would like step-by-step instructions to help you make the gift and ensure that you receive the intended tax benefits, please give us a call at 402-462-5152.

This information is intended solely to inform you of a potential gift planning opportunity.  You should consult your tax advisor to determine whether the information presented here is appropriate for your tax situation.