Recent content by mhoback

48 Corriente cows and 2 Corriente bulls from the Cates Ranch

Can someone explain to me what solid mouth, short-term, broken mouth and running age means. Also how many calf crops could you expect out of each group?

My experience with calves from a feedlot is that they don't grow very well and they get sick alot.

Where did you hear this? That is funny if it is true.

With a horse.

jt, if you buy cows for breeding, they all have to be depreciated over the same life. However, you can elect to take Section 179 depreciatoin on some cows and not on others.

That is what you get for going to H & R Block. You really should be using a CPA with experience with farm and ranch taxation. They can really save you alot of time, money, and stress. Your uncle is right on most parts, but I will disagree with him on the bulls. They should be depreciated on...

The best tax advice is to leave it to a professional who has experience with the ag industry. They really are stress relievers.

You cannot deduct losses on raised cattle that died because you have already deducted all of the costs of the animal (feed, vet, etc.) If a cow that you bought dies, you can deduct any remaining basis (undepreciated cost) in the year it dies.

Not even close. When you buy a piece of equipment, you capitalize the purchase price of the asset. You then depreciate the cost of the asset over the life of it (usually 7 for equipment, 5 for cattle, and 5 for pickups.) If you have financed the asset, when you make a payment on it, the only tax...

I agree with mitchwi. I work for a cpa firm and see too many people with manual books who miss expenses or income. I really like Quickbooks. It is very easy to use and you can be sure that you get every deduction.

Cactus Bad Boy or Rebel

Cactus Bad Boy or Rebel

The 3.5 run set the arena record and tied the world record. That was an unbelievable round of team roping. 3.9 was 5th place. I hate the arena at Thomas & Mack though. It is too small for team roping. You are either going to be really fast or miss.

You had some great info on this topic, madbeancounter. But I take issue with #8. You can only deduct losses from an s-corp or partnership if you have basis. There is a limitation. Otherwise, great info.