Taxes and Claiming Loss?

[BK9954]

I have endured loss my last 3 years of ranching. From start up when the market was at its peak, market crash, and culls that I bought when prices were high. Looking better for the next few years as I have gotten my system in place and incurred the brunt of the market crash impact, learned and gained experience, and have the equipment I need to run my operation. How how many years of loss on your taxes do you usually claim if you do have loss? I heard you can only claim 2. If this is true what do you claim when you have loss? I file my taxes myself. Should I get a pro to start filing them?

 

[skyhightree1]

My taxes are way too complicated so I have a CPA that does mine... I thought I heard somewhere that if conseqitive so many years loss they deem as a hobby

 

[Caustic Burno]

I have endured loss my last 3 years of ranching. From start up when the market was at its peak, market crash, and culls that I bought when prices were high. Looking better for the next few years as I have gotten my system in place and incurred the brunt of the market crash impact, learned and gained experience, and have the equipment I need to run my operation. How how many years of loss on your taxes do you usually claim if you do have loss? I heard you can only claim 2. If this is true what do you claim when you have loss? I file my taxes myself. Should I get a pro to start filing them?

You need a CPA
I wouldn't even attempt to do mine

 

[BK9954]

No hobby here. Going to make money this year. Stocked and calves coming. Too much invested to be a hobby. Opening up my back 40 acres and brewers grain should put me in the green on feed. Also found a vet to sell me antibiotics by the bottle and he is cheaper all the way around. Should cut my vet cost significantly. Have all the equipment I need to run.

 

[BK9954]

I will get a cpa.

 

[callmefence]

GET A CPA...
about the cheapest smartest money you can spend.

 

[tater74]

Where are you located? I can give you a referral.

 

[BK9954]

Where are you located? I can give you a referral.

Caldwell County, 30 minutes south of Austin airport. Close to Seguin, Lockhart, Bastrop, San Marcos etc...

 

[jedstivers]

GET A CPA...
about the cheapest smartest money you can spend.

Don't get just a cpa, get a real Ag cpa.

 

[M-5]

I'm no expert. I have my taxes done but try to understand the system and like DT I take every dam deduction I can . with that said IRS wants to see an effort to make money and not just used as a tax write off. Ive been told by IRS agent that they like to see a profit 1 time in a 7 yr period . I think it's interpretation is based on case by case. Your CPA will be able to help you. But it's good to understand it cause some are not aggressive enough and will leave money on the table. I like to write as small of a check as I can .

 

[jedstivers]

And always leave easy bait for a audit. Don't make them work to find something. They start and find a few easy things then see everything else in order everyone is happy. They have don't their job, their supervisor is happy, you are done with them so you are happy.
And with a good cpa you won't be present at the audit. That's their job

 

[lavacarancher]

Where are you located? I can give you a referral.

Caldwell County, 30 minutes south of Austin airport. Close to Seguin, Lockhart, Bastrop, San Marcos etc...

BK, my CPA is in Shiner, not too far from you. If you want his contact information I will PM it.

 

[BK9954]

Where are you located? I can give you a referral.

Caldwell County, 30 minutes south of Austin airport. Close to Seguin, Lockhart, Bastrop, San Marcos etc...

BK, my CPA is in Shiner, not too far from you. If you want his contact information I will PM it.

Yes please

 

[tom4018]

I'm no expert. I have my taxes done but try to understand the system and like DT I take every dam deduction I can . with that said IRS wants to see an effort to make money and not just used as a tax write off. Ive been told by IRS agent that they like to see a profit 1 time in a 7 yr period . I think it's interpretation is based on case by case. Your CPA will be able to help you. But it's good to understand it cause some are not aggressive enough and will leave money on the table. I like to write as small of a check as I can .

If I remember right our guy said something about the 1 in 7 year deal also.

 

[Aaron]

Not smart to do your own taxes. Use an accountant to keep the IRS at arms length if they come sniffing around. Your not so much paying him to do your taxes as you are paying him for protection from the Big Man.

 

[WalnutCrest]

I'll second the suggestion to get an ag-focused CPA. Even better if they're also a tax attorney.

 

[lavacarancher]

BK, check your PM.

 

[BK9954]

Been saving all my receipts but that's getting old. I'd rather my CPA start taking care of that

 

[BK9954]

I've been using the tax act program for years but it doesn't itemize as well for the cattle exemption

 

[farmerjan]

We have a CPA that is pretty ag savy. I wouldn't attempt to do them and since now my son does all that it is better. He also says have to make money 1 out of 7 minimum. Hope you get the one that lavacarancher uses and you like him. You will probably see he will find stuff you didn't even think about... Good luck.