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Commercial Livestock Contract (Cattle)
I entered into said Contract a month or so ago. I paid X amount and in a year from from the date of this contract, I will receive my initial investment plus $1000. I contacted the Company and asked if they would be sending an income tax form and they said no. I assume that I'll use Form 6781 for this, next year when I receive my gains.
Am I correct? Any help would be appreciated.
Note: I am not a Farmer. I will not be housing Cattle, they will remain in the custody of the contracted Company.
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‎October 24, 2023
11:54 AM