Menu
Forums
New posts
Search forums
What's new
New posts
New media
New media comments
New profile posts
Latest activity
Media
New media
New comments
Search media
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Forums
Cattle Boards
Beginners Board
if you lose cow and calf, how to figure loss value for taxes
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Help Support CattleToday:
Message
<blockquote data-quote="Running Arrow Bill" data-source="post: 44954" data-attributes="member: 9"><p>We use a CPA firm...money well spent.</p><p></p><p>Any cattle we purchase, including cost to get them to our place is our "basis" cost. All of our purchased breeding stock is depreciated. Calves born from our breeding stock have "no cost" (taxwise) and anything we sell them for is treated as "gain" (income). On the other side of the coin, ALL feed, care, maintenance costs for ALL of our cattle is yearly deductible as an "expense" item.</p><p></p><p><strong>Capital</strong> livestock purchases and infrastructure improvements and additions, as well as major equipment and vehicles are depreciable items. Other "consumables" and maintenance items, insurance, advertising, etc., are treated as "expense" items. </p><p></p><p>If you're not 100% sure of what you are doing, taxwise, consult with your CPA, preferably a firm that has more than one there just in case he/she died unexpectedly or skipped and left you up a creek without a paddle...lol.</p></blockquote><p></p>
[QUOTE="Running Arrow Bill, post: 44954, member: 9"] We use a CPA firm...money well spent. Any cattle we purchase, including cost to get them to our place is our "basis" cost. All of our purchased breeding stock is depreciated. Calves born from our breeding stock have "no cost" (taxwise) and anything we sell them for is treated as "gain" (income). On the other side of the coin, ALL feed, care, maintenance costs for ALL of our cattle is yearly deductible as an "expense" item. [b]Capital[/b] livestock purchases and infrastructure improvements and additions, as well as major equipment and vehicles are depreciable items. Other "consumables" and maintenance items, insurance, advertising, etc., are treated as "expense" items. If you're not 100% sure of what you are doing, taxwise, consult with your CPA, preferably a firm that has more than one there just in case he/she died unexpectedly or skipped and left you up a creek without a paddle...lol. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Cattle Boards
Beginners Board
if you lose cow and calf, how to figure loss value for taxes
Top