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cow bull depreciation - taxes
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<blockquote data-quote="cypressfarms" data-source="post: 173662" data-attributes="member: 2653"><p>Learned a valuable lesson today about taxes and cattle. Went to the local H & R Block this morning, and was very surprised when the lady said that I would be getting back about 30% less than last year. For 2005 I spent about $57,000 on fencing and buying cattle for a new place. In 2004 only spent about $10000 including everything.</p><p></p><p>I got back home, still scratching my head, and called my uncle who's a CPA, to ask his advice. After about 5 minutes on the phone he had saved me thousands. I didn't know but you can tell the accountant how long to depreciate your cattle. The H & R Block woman depreciated all cattle I bought in 2005 over 7 years. My uncle recommended 5 years for cows, and 3 years for bulls. </p><p></p><p>For the fencing, my uncle asked me if it was all new, or was some of it repairing or maintaining old fences. Turns out the H & R lady listed it all as new, and thus depreciated it over 10 years. Any repair or maintenance can be fully deducted in that year.</p><p></p><p>I went back to H&R Block, and they looked at what my uncle had recommended, and said "Yes, we can do it that way, if you like". The will ammend my filing free for me, and it looks like I'll be better off than last year after all. Just thought I'd pass along some tips if anyone was interested.</p></blockquote><p></p>
[QUOTE="cypressfarms, post: 173662, member: 2653"] Learned a valuable lesson today about taxes and cattle. Went to the local H & R Block this morning, and was very surprised when the lady said that I would be getting back about 30% less than last year. For 2005 I spent about $57,000 on fencing and buying cattle for a new place. In 2004 only spent about $10000 including everything. I got back home, still scratching my head, and called my uncle who's a CPA, to ask his advice. After about 5 minutes on the phone he had saved me thousands. I didn't know but you can tell the accountant how long to depreciate your cattle. The H & R Block woman depreciated all cattle I bought in 2005 over 7 years. My uncle recommended 5 years for cows, and 3 years for bulls. For the fencing, my uncle asked me if it was all new, or was some of it repairing or maintaining old fences. Turns out the H & R lady listed it all as new, and thus depreciated it over 10 years. Any repair or maintenance can be fully deducted in that year. I went back to H&R Block, and they looked at what my uncle had recommended, and said "Yes, we can do it that way, if you like". The will ammend my filing free for me, and it looks like I'll be better off than last year after all. Just thought I'd pass along some tips if anyone was interested. [/QUOTE]
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