Tax Law (Questions About Taxes)/Grain gift/sale

Advertisement


Question
A relative gave us a gift of grain.  We sold the grain.  We did not get a tax form from the grain elevator.  What is the correct way to report this income on our taxes?

Answer
Amy:

The person who gave you the gift are the one who must pay the "gift" tax on the gift.  You will not be taxed for receiving the gift.  That is the federal tax.  I do not know about the Iowa state tax.  I have never studied Iowa state tax.

John

Tax Law (Questions About Taxes)

All Answers


Answers by Expert:


Ask Experts

Volunteer


John L. Tidwell

Expertise

Unemployment tax law both state and federal; determination of employer employee relationship; the usual 20 commonlaw factors for making that determination; and what makes me a liable employer.

Experience

Over 20 years of field audit experience with a state agency

Organizations
none

Publications
none

Education/Credentials
Degree in Accounting from Falls Business College

©2016 About.com. All rights reserved.