Webinar Replay - Payment of Wages with Commodities and Gifting Grain

Kristy S. Maitre
June 27, 2017

Commodities can be gifted to family members and/or charities. Farm proprietors, partnerships, and corporations can make charitable gifts of unsold commodities. If gifts to any one family member exceed $14,000 for a calendar year, a federal gift tax return must be filed and the gifts in excess of the $14,000 will use a portion of the estate tax exemption.  

Kristy discussed the following: when does a tax consequence occurs; what are the advantages of gifting grain; does “Kiddie Tax” apply and if so, when; how does the process work with IRS rules; do you file a W-2 or 1099; and knowing when payment of agricultural labor in commodities is an option.

Payment of Wages with Commodities and Gifting of Grain PowerPoint.pdf

Want to view entire articles or watch the videos?

Log In or Subscribe today!

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

RSS​ Facebook Twitter