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cattle ownership: personal property vs. business assets
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<blockquote data-quote="brihop" data-source="post: 1001357" data-attributes="member: 18530"><p>I have an "off-farm" job and I lease the land on a per head basis. My expenses have been just purchase of cattle, the annual pasture lease on non-calf bearing heifers and material costs. One issue is, I don't have receipts for materials, the land owner buys them and I pay him (however that cost is relatively minimal). I'm building and retaining heifers so only one calf sold, as we're splitting calf crop on producing cows and I get dibs on my heifer calves and land owner takes his share from my bull calves, therefore the one calf sold. All I have is unofficial looking bill of sales for the cattle and email acknowledgement for lease payment. Total expense/investment so far about $6.5k... chump change to most on this board, I know. Could I be inviting more trouble than the tax deduction is worth?</p></blockquote><p></p>
[QUOTE="brihop, post: 1001357, member: 18530"] I have an "off-farm" job and I lease the land on a per head basis. My expenses have been just purchase of cattle, the annual pasture lease on non-calf bearing heifers and material costs. One issue is, I don't have receipts for materials, the land owner buys them and I pay him (however that cost is relatively minimal). I'm building and retaining heifers so only one calf sold, as we're splitting calf crop on producing cows and I get dibs on my heifer calves and land owner takes his share from my bull calves, therefore the one calf sold. All I have is unofficial looking bill of sales for the cattle and email acknowledgement for lease payment. Total expense/investment so far about $6.5k... chump change to most on this board, I know. Could I be inviting more trouble than the tax deduction is worth? [/QUOTE]
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