Gifts of Livestock
Gifts of livestock are a unique and underutilized way to make a charitable gift for the benefit of the Church. Using livestock to make a gift to the Catholic Foundation of Eastern Montana may be a smart and easy way for ranchers in our diocese to invest in the Catholic Church's future while achieving tax savings.Benefits of gifting livestock
For farm and ranch operators, gifting livestock directly, rather than selling the livestock and making a gift from the proceeds, may provide a more significant tax savings.
Gifting livestock allows you to avoid the sale of the commodity as income, while the production costs may still be deductible.
Reducing taxable income may provide advantages such as minimizing or eliminating self-employment tax and reducing adjusted gross income.
How to make a gift of livestock
- Consult with your tax or financial advisor. The Catholic Foundation of Eastern Montana and its employees do not provide tax or legal advice.
- Contact the Catholic Foundation of Eastern Montana at 406.727.6683, ext. 120 or mail, fax or email a letter from the producer regarding a gift of livestock to the Catholic Foundation of Eastern Montana to ensure the proper steps are taken for your gift of livestock.
- Deliver the livestock to your local sale barn or other market and tell them that you wish to transfer ownership to the Catholic Foundation of Eastern Montana.
- Deliver the livestock to market on our behalf and provide a copy of your Notification of Gift of Livestock from the Producer and the completed Instructions to Sale Barn for Gifts of Livestock to the sale barn.
- Notify the Foundation at 406.727.6683, ext. 120 when the transfer is made, indicating where the livestock were delivered.
- The Foundation will then order the sale of the livestock.
- The Foundation will acknowledge your gift following the sale.
Contact us
If you have any questions about gifts of livestock, please contact us. We would be happy to assist you and answer any questions that you have.
