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cattle ownership: personal property vs. business assets
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<blockquote data-quote="lowellcantrell" data-source="post: 1000811" data-attributes="member: 20263"><p>Keep it simple; especially if you and/or your spouse have off-farm jobs. Do the schedule F, making sure to document all expenses identified on the schedule F form as well as l farm income. </p><p></p><p>There's a very good chance you would probably show a loss on the schedule F; especially if you have bought any equipment or "big ticket" items for farm use, or depreciation if you are still paying for the farm. The farm loss shown on the schedule F would help to reduce your overall income thereby reducing your tax liability. </p><p></p><p>The key is keeping all receipts and organizing them into the correct deduction category to satisfy the IRS. Which brings up another important point. Try to find a tax preparer person that has farming or rancher experience; he or she will know of many more allowable deductions that those hired by the big chain preparation corporations.</p></blockquote><p></p>
[QUOTE="lowellcantrell, post: 1000811, member: 20263"] Keep it simple; especially if you and/or your spouse have off-farm jobs. Do the schedule F, making sure to document all expenses identified on the schedule F form as well as l farm income. There's a very good chance you would probably show a loss on the schedule F; especially if you have bought any equipment or "big ticket" items for farm use, or depreciation if you are still paying for the farm. The farm loss shown on the schedule F would help to reduce your overall income thereby reducing your tax liability. The key is keeping all receipts and organizing them into the correct deduction category to satisfy the IRS. Which brings up another important point. Try to find a tax preparer person that has farming or rancher experience; he or she will know of many more allowable deductions that those hired by the big chain preparation corporations. [/QUOTE]
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cattle ownership: personal property vs. business assets
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