Donate Ag Commodities
When an ag producer transfers legal ownership of grain or livestock to a 501(c)(3) charitable organization before the commodity is sold, the producer will not realize taxable income from a sale, thus minimizing taxes. The producer is 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.
Forms are available for this transaction at Central Valley Ag in Elgin or at school. Producers can select which school fund they want to support on the form.