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Beginners Board
Raising vs buying replacement heifers
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<blockquote data-quote="DiamondSCattleCo" data-source="post: 351746" data-attributes="member: 2862"><p>Again, we've got regional differences. We have two ways of legally reporting that retained heifer:</p><p></p><p>1) Don't report her at all. She never adds to your income, therefore you're not paying taxes on her. Depending on how close you are to a new tax bracket, this may actually save you money over a write off from a new replacement. When you cull her, you report the income from the cull.</p><p></p><p>2) Report her as retained livestock. This is the preferable way of doing things. The tax laws get a little balled up with this, so I won't go into details, but you end up paying (or not paying) the same amount of tax as 1) but your heifer is on record for any support payments.</p><p></p><p>Rod</p></blockquote><p></p>
[QUOTE="DiamondSCattleCo, post: 351746, member: 2862"] Again, we've got regional differences. We have two ways of legally reporting that retained heifer: 1) Don't report her at all. She never adds to your income, therefore you're not paying taxes on her. Depending on how close you are to a new tax bracket, this may actually save you money over a write off from a new replacement. When you cull her, you report the income from the cull. 2) Report her as retained livestock. This is the preferable way of doing things. The tax laws get a little balled up with this, so I won't go into details, but you end up paying (or not paying) the same amount of tax as 1) but your heifer is on record for any support payments. Rod [/QUOTE]
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Raising vs buying replacement heifers
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