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Re: Marketing grain at local elevator


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Posted by Leroy on December 05, 2015 at 07:28:03 from (69.88.202.68):

In Reply to: Marketing grain at local elevator posted by picassomcp on December 04, 2015 at 08:22:52:

What you need to do is starting at this time look at your income tax situation and decide if you need to wait the 26 days to put that income on next years taxes or sell before the year and put on this years taxes. The tax situation is the make or break item here, not the days price. And if you need to put them on this years taxes make sure that you get the check before Dec 31 as if you sell by Dec 31 but check is not issued untill Jan 2 then it automatically goes to next years taxes as you do not anymore have the crop but you also do not have the income from it in this year. If they write the check for Dec 31 but do not mail it untill Jan 2 that is a big grey area and depending on how your tax prepayer has things set up could put it in either year so you would loose all tax insentives to do either way. Plan your taxes fast. Do you need the income on this years taxes or on next years taxes? Think about that. And I have seen the prices go all different ways during my 72 years on this earth. No predicting possible. The only predicting is what year you want the income in and if for this crop you wait till after new years day to sell and then decide to sell next years crop at harvest time you will have 2 years income in one and get hit extra hard on taxes.


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