denoginnizer
Well-known member
If your cow losses her calf is that tax deductible?
EIEIO":2e7bsaiu said:According to my CPA, NO! You can just deduct if you lose the cow.
J
Our CPA says no as well. We had a discussion, down at the store the other day about cattle death losses as deductions.I was told by some of the fellers, that they've always been told by a CPA in town that if the loss occured from a single head that was born on the farm, they were deductible,and if it was a loss from a Cow bought at a sale barn, it was not deductible.Our CPA painted a whole different picture to me.Caustic Burno":cdh0og9n said:EIEIO":cdh0og9n said:According to my CPA, NO! You can just deduct if you lose the cow.
J
Yours says no just like mine, I used the arguement that I shouldn't have to pay taxes on the live ones I sell then. That didn't fly with my CPA either.
if it was a loss from a Cow bought at a sale barn, it was not deductible.
So am I. I have deucted Cattle deaths for years, without a single question from the IRS.jcummins":3d7vdrvh said:if it was a loss from a Cow bought at a sale barn, it was not deductible.
I started a cattle operation in 2005 so haven't been through the tax process yet. I thought cows held longer than a year was depreciated?? So a cow partially depreciated dies...and you can't deduct the rest? Confused.
Crowderfarms":1ew7ntes said:Our CPA says no as well. We had a discussion, down at the store the other day about cattle death losses as deductions.I was told by some of the fellers, that they've always been told by a CPA in town that if the loss occured from a single head that was born on the farm, they were deductible,and if it was a loss from a Cow bought at a sale barn, it was not deductible.Our CPA painted a whole different picture to me.Caustic Burno":1ew7ntes said:EIEIO":1ew7ntes said:According to my CPA, NO! You can just deduct if you lose the cow.
J
Yours says no just like mine, I used the arguement that I shouldn't have to pay taxes on the live ones I sell then. That didn't fly with my CPA either.
Nowland Farms":2fcgg2rb said:I too lost a cow & calf a couple of years ago. The CPA showed a loss for both the cow & calf.
mitchwi":2w9z6f1e said:Crowderfarms":2w9z6f1e said:Our CPA says no as well. We had a discussion, down at the store the other day about cattle death losses as deductions.I was told by some of the fellers, that they've always been told by a CPA in town that if the loss occured from a single head that was born on the farm, they were deductible,and if it was a loss from a Cow bought at a sale barn, it was not deductible.Our CPA painted a whole different picture to me.Caustic Burno":2w9z6f1e said:EIEIO":2w9z6f1e said:According to my CPA, NO! You can just deduct if you lose the cow.
J
Yours says no just like mine, I used the arguement that I shouldn't have to pay taxes on the live ones I sell then. That didn't fly with my CPA either.
somebody down at the store got things mixed around...
a raised cow or calf that dies there is no loss to take as you have expensed everything into raising it, that is where your loss occurs - no sale = no income.
if you purchase an animal, cow or calf and it dies, if it has not already been depreciated then you "write-off" the amount you paid for it in the year of death, if you have already begun depreciation on the cow, then you would "write-off" the remainder of that purchase price
I agree with CB - right on.a raised cow or calf that dies there is no loss to take as you have expensed everything into raising it, that is where your loss occurs - no sale = no income.
if you purchase an animal, cow or calf and it dies, if it has not already been depreciated then you "write-off" the amount you paid for it in the year of death, if you have already begun depreciation on the cow, then you would "write-off" the remainder of that purchase price