Taxes&Cattle?

[KMacGinley]

My understanding is that a purchased breeding animal is depreciated for 5 years or so.

A raised breeding animal has its expenses in raising it counted as expenses. No depreciation.

I don't think that you can deduct the total cost of a purchased animal in one year.

 

[ChrisB]

I was told (I think by my acct.) that when you purchase feeder cattle that you deduct the cost of purchase the same year you claim the income from selling. But breeding animals are put on a depreciation schedule.

Anyway, that's what I have always done.

 

[jt]

I don't think that you can deduct the total cost of a purchased animal in one year.

you can if you qualify for and elect to take what is called a 179 deduction. check with your tax person.

jt

 

[wideurt]

Talked with a new taxx man today,Said it was no problem to deduct all ten.Said I could deduct dogs I purchaced to..That made my day

 

[john250]

Talked with a new taxx man today,Said it was no problem to deduct all ten.Said I could deduct dogs I purchaced to..That made my day

Hope ya don't get audited.

 

[Caustic Burno]

Talked with a new taxx man today,Said it was no problem to deduct all ten.Said I could deduct dogs I purchaced to..That made my day

Hope ya don't get audited.

He needs to provide his new address so we can send a care package.

Boss doesn't like dirt in his hole.

 

[Alice]

Talked with a new taxx man today,Said it was no problem to deduct all ten.Said I could deduct dogs I purchaced to..That made my day

Hey, I can buy dogfood at TSC and not pay sales tax on it...farm use, ya' know...

Alice

 

[aplusmnt]

I hauled some buffers once in a Stock Trailer, wonder if I can deduct it as a Janitorial Expense?

Talk about a funny site, going to a big sale, one of those with them $30,000 bulls and $50,000 heifers. And loading out with Janitorial Buffers in the back :lol: Got some strange looks.

I think I will get Commode Cowboy on the trailer ;-)

Ps. For those that wonder why I Carry buffers with me to a Cattle Sale. The sale was in OKC and I picked up some Buffers from a guy, being it is almost a 4 hour drive I killed two birds with one stone.

 

[wideurt]

The dogs I bought are for breeding too. Not just pal dogs.Had them imported.It all cost a penny(pretty)