3103011
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

5 Replies

Commercial Livestock Contract (Cattle)

I'll page @Mike9241 

Commercial Livestock Contract (Cattle)

i don't know what kind of contract you entered into. it does not seem like a regulated futures contract because for them it's the market value you paid vs the market value at expiration or disposition that determines your profit or loss not a "guarantee" of a fixed profit. you may need to consult a tax pro who can review the contract to give you an opinion on how to report it. 

Commercial Livestock Contract (Cattle)

Thank you for responding. 

What type of tax pro are you referring to? I contacted a CPA in my area, but they wouldn't help me unless I was already a client.

Commercial Livestock Contract (Cattle)

 a tax lawyer or CPA.  don't know why the one you contacted refused unless you become a client. contact your state CPA society or Bar association for recommendations.   warning get an estimate of fees. that's because fees could eat up a good portion of the"$1000" profit.

Commercial Livestock Contract (Cattle)

Thank you for the information. I will definitely try your recommendations. 

As far as the fees go "ouch".

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question