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Profit made off of cattle !
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<blockquote data-quote="Arnold Ziffle" data-source="post: 429258" data-attributes="member: 43"><p>SL, sorry if that's the way you interpreted it, but I didn't accuse you of saying that you can depreciate land for tax purposes --- my comment was just a verification of a thought that Brandonm2 had expressed (correctly) a few posts earlier.</p><p></p><p>However, you did post about doing something that would be just as incorrect as depreciating land, when earlier in this topic discussion you wrote:</p><p></p><p>"And if you expense your land you most likely will have a loss from your cattle operation and that loss will also put money in your pocket come income tax time if you have other income. It's that simple."</p><p></p><p>I'll not make any further comment on this issue of expensing land costs since I think there are too many peeing contests going on as it is here at CT lately but, simply put, the tax law doesn't allow anyone to expense land cost if it's just a self-charged, phantom deduction and not a true rental payment to another third party or entity. Good luck to you and yours. AZ</p></blockquote><p></p>
[QUOTE="Arnold Ziffle, post: 429258, member: 43"] SL, sorry if that's the way you interpreted it, but I didn't accuse you of saying that you can depreciate land for tax purposes --- my comment was just a verification of a thought that Brandonm2 had expressed (correctly) a few posts earlier. However, you did post about doing something that would be just as incorrect as depreciating land, when earlier in this topic discussion you wrote: "And if you expense your land you most likely will have a loss from your cattle operation and that loss will also put money in your pocket come income tax time if you have other income. It’s that simple." I'll not make any further comment on this issue of expensing land costs since I think there are too many peeing contests going on as it is here at CT lately but, simply put, the tax law doesn't allow anyone to expense land cost if it's just a self-charged, phantom deduction and not a true rental payment to another third party or entity. Good luck to you and yours. AZ [/QUOTE]
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