Tax Deferral Options for Weather-Forced Livestock Sales with Tina Barrett

When drought or other weather conditions force producers to sell livestock earlier than planned or reduce herd numbers, the tax consequences can be significant. In this episode, Tina Barrett, executive director of Nebraska Farm Business, Inc., walks through the two main deferral options available to producers under federal tax law, explains how to determine whether deferring income actually makes financial sense, and covers the recordkeeping that makes any of it possible.Barrett also addresses crop insurance deferral rules and casualty loss provisions that may apply to damaged buildings, fences or equipment. With drought conditions affecting much of Nebraska, this episode is a practical guide for producers and their tax preparers as they plan for the rest of the year.Produced and hosted by Morgan Bonifas, Center for Agricultural Profitability Intern.This episode is edited from a full webinar that Barrett delivered in response to wildfires in Nebraska, on April 29, 2026. Find the recording here.Barrett also wrote an article on the topic, available here.