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Beginners Board
First time dealing with livestock depreciation. (Tax time)
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<blockquote data-quote="sidney411" data-source="post: 66591" data-attributes="member: 430"><p>Ok, I bought 15 cows on a 4 year loan last year. Can I still depreciate them for 5 years? Would I use the amount I paid for the cows or the amount the total loan will be at the end ( with interest added ). </p><p></p><p>Also, if I bought a bull in '04 and sold the same bull in '04 for less then I bought him for would I depreciate the entire cost of the bull for that year then put the amount sold for in as profit, or take the differerce in bought and sold as a loss?</p><p></p><p>Is there any way you can claim a calf death as a loss if the cow was bought as 'bred'?</p></blockquote><p></p>
[QUOTE="sidney411, post: 66591, member: 430"] Ok, I bought 15 cows on a 4 year loan last year. Can I still depreciate them for 5 years? Would I use the amount I paid for the cows or the amount the total loan will be at the end ( with interest added ). Also, if I bought a bull in '04 and sold the same bull in '04 for less then I bought him for would I depreciate the entire cost of the bull for that year then put the amount sold for in as profit, or take the differerce in bought and sold as a loss? Is there any way you can claim a calf death as a loss if the cow was bought as 'bred'? [/QUOTE]
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First time dealing with livestock depreciation. (Tax time)
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