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Receiving Cattle as a Gift
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<blockquote data-quote="1982vett" data-source="post: 704914" data-attributes="member: 7795"><p>#1 place to start, now, so you know what information to collect.</p><p></p><p>Essentially, as long as the value of the gift is under $13,000 for each gift (2009 rules) from each giftee, no gift taxes are due. As far as cost basis of the gift, which needs to be tracked, the original cost basis from the previous owner passes on to the new owner. </p><p></p><p>Now if the gift is inherited, a step up in cost basis is the rule and you start a new depreciation schedule from the new "step up" basis. </p><p></p><p>The best advice is to consult a CPA, one that is familiar with filing Schedule F. Download, read and understand this: <a href="http://www.irs.gov/pub/irs-pdf/p225.pdf" target="_blank">http://www.irs.gov/pub/irs-pdf/p225.pdf</a></p><p></p><p></p><p></p><p><span style="color: #0000FF">These are now expenses that are accountable on Schedule F.</span></p><p></p><p><strong>The giver might need to check with is CPA. They aren't entitled to a <em>write off </em>in the sence of claiming a loss for giving an asset away. The best they can accomplish is reducing the value of an estate.</strong></p></blockquote><p></p>
[QUOTE="1982vett, post: 704914, member: 7795"] #1 place to start, now, so you know what information to collect. Essentially, as long as the value of the gift is under $13,000 for each gift (2009 rules) from each giftee, no gift taxes are due. As far as cost basis of the gift, which needs to be tracked, the original cost basis from the previous owner passes on to the new owner. Now if the gift is inherited, a step up in cost basis is the rule and you start a new depreciation schedule from the new "step up" basis. The best advice is to consult a CPA, one that is familiar with filing Schedule F. Download, read and understand this: [url=http://www.irs.gov/pub/irs-pdf/p225.pdf]http://www.irs.gov/pub/irs-pdf/p225.pdf[/url] [color=#0000FF]These are now expenses that are accountable on Schedule F.[/color] [b]The giver might need to check with is CPA. They aren't entitled to a [i]write off [/i]in the sence of claiming a loss for giving an asset away. The best they can accomplish is reducing the value of an estate.[/b] [/QUOTE]
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