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Non-Cattle Specific Topics
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Seeking a Tax Tip, Schedule F Farming, Purchase of Livestock Hay Trailer
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<blockquote data-quote="TexasRancher" data-source="post: 1836499" data-attributes="member: 8359"><p>I've been doing the "Cash and Accrual Method" and I do not take any "Depreciation of Equipment" as i'm a small operation. </p><p>Was wondering if I can take an Farm Expense Deduction for the one-time purchase of a "livestock hay trailer" in 2023? and when I sell said trailer in 2035 to become farm income? ...can you do this?.....and where do you input those numbers...for Farm Expenses purchase or Farm Income? I don't really want to take depreciation on a $3,500. trailer. Is a trailer like a tractor, can only be depreciated?</p></blockquote><p></p>
[QUOTE="TexasRancher, post: 1836499, member: 8359"] I've been doing the "Cash and Accrual Method" and I do not take any "Depreciation of Equipment" as i'm a small operation. Was wondering if I can take an Farm Expense Deduction for the one-time purchase of a "livestock hay trailer" in 2023? and when I sell said trailer in 2035 to become farm income? ...can you do this?.....and where do you input those numbers...for Farm Expenses purchase or Farm Income? I don't really want to take depreciation on a $3,500. trailer. Is a trailer like a tractor, can only be depreciated? [/QUOTE]
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Seeking a Tax Tip, Schedule F Farming, Purchase of Livestock Hay Trailer
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