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Tax deductions question for breeding stock
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<blockquote data-quote="Bright Raven" data-source="post: 1516693" data-attributes="member: 27490"><p>First. I have not bought an animal for about 4 years. I don't depreciate them like other capital property. If I sell one, I report it on Form 4797. I figure entry by adjusting for the basis. For example, if I paid 2500 in 2012 and sold for 2500 in 2014, the net to report as income on 4797 is Zero.</p><p></p><p>Edited to add: I don't use a program. I do everything by pencil and paper. I file only on paper. I cannot keep up with technology like I once could.</p></blockquote><p></p>
[QUOTE="Bright Raven, post: 1516693, member: 27490"] First. I have not bought an animal for about 4 years. I don't depreciate them like other capital property. If I sell one, I report it on Form 4797. I figure entry by adjusting for the basis. For example, if I paid 2500 in 2012 and sold for 2500 in 2014, the net to report as income on 4797 is Zero. Edited to add: I don't use a program. I do everything by pencil and paper. I file only on paper. I cannot keep up with technology like I once could. [/QUOTE]
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Tax deductions question for breeding stock
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