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Beginners question about profit
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<blockquote data-quote="Brandonm22" data-source="post: 692967" data-attributes="member: 7645"><p>"If the original cows were sold prior to completing their depreciation schedule" you would deduct the remaining depreciation from their sale price.</p><p></p><p>Take this example; I buy a donor cow for $5000. IRS treats cows as 5 year property so I take $1000 back on my 2009 taxes. I do the same thing on my 2010 taxes. Then I sell the cow for $1000 in 2011 so I take a "$2000 loss" on my 2011 return on that cow.</p></blockquote><p></p>
[QUOTE="Brandonm22, post: 692967, member: 7645"] "If the original cows were sold prior to completing their depreciation schedule" you would deduct the remaining depreciation from their sale price. Take this example; I buy a donor cow for $5000. IRS treats cows as 5 year property so I take $1000 back on my 2009 taxes. I do the same thing on my 2010 taxes. Then I sell the cow for $1000 in 2011 so I take a "$2000 loss" on my 2011 return on that cow. [/QUOTE]
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