bethany8259
Returning Member

Pay Taxes on Sold Cows Given as a Gift

I was given 2 cows as a gift, which I ended up selling in 2020. I do not own the farm and did not receive a 1099 from the stockyard for selling them. Do I need to pay taxes on the money I made on the cows during 2020? If I do need to pay taxes, how do I put this income on my taxes?