Interested in participating in Commodities for Community? Consider the following:
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Gifts must be grain commodities, not grain storage receipts (which may be treated as cash equivalents).
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The gift (transfer of ownership) must occur before the grain is sold, and the donor cannot provide instructions on the timing of sale.
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Donors must be farm operators to make a gift of grain. Crop share landlords likely do not qualify for a tax deduction. While there is no recognized income, the charitable deduction is generally limited to basis, and production costs may still be deducted as a farm business expense.
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SWCS is a public charity under Internal Revenue code section 501(c)(3).
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Farmers should certify their production to the FSA before donating the commodity to protect their yield basis.
- Please consult your tax professional for advice applicable to your particular tax situation and whether you qualify prior to making a gift of grain commodities.
